question category: IVA

Can I get a mortgage? have paid off IVA early but it is still on my credit report for a year


I paid my IVA off after a year of being on it (family helped). I currently live in a rented house and desperately want to get back onto the property ladder. The IVA will be on my credit report for another year and there are also defaults on my credit report even though they have been satisfied. Can I get a mortgage now?

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Re: Can I get a mortgage? have paid off IVA early but it is ...

There is nothing that you have mentioned in your question that would necessarily prevent you from obtaining a mortgage, however the defaults you have received automatically stay on your credit file for 6 years. Although the defaults will affect your ability to obtain unsecured credit you should speak to a qualified mortgage advisor as to how this will impact on any potential mortgage products that are available to you.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.

 

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