Hi is it possible to buy a house with an IVA in year 5? We have had our final review and just in the process of submitting a full and finally offer to clear our outstanding balance From a 6 month payment break and fees. Also any stories on closing with a final offer and how long it all took would be greatly appreciated.
It would be inadvisable to purchase a house while still in the IVA --- even after the F&F goes through .... before the issue of the certificate of completion. If you do then the house could be regarded as an asset and be subject to equity release.
After the certificate is issued you will have issues getting a mortgage until such time as your credit record heals ( 6th anniversary of the start date). It is possible, but very limited lenders and high rates. After the record clears you would be advised to speak to a specialist broker.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk