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[Rod Penn]

I finished my IVA 6 months ago and since then I have been saving all my extra cash to put towards a mortgage. I understand that my credit rating will still be affected by the IVA for another 6 months (until the 6 years are up) however after that how long do you think it will be roughly until I am accepted for a mortgage?

[Kelly O]

Hi Rod and congratualtions on completing your IVA

I have heard of many people who have managed to get a mortgage after successfully completing IVAs.

Keep an eye on the credit reports to make sure all the defaults fall off at the correct time and speak to a few brokers who should be able to help you

All the best and let us know how you get on

[Geraldine]

Hi Rod, welcome to the forum.

I think you are doing absolutely the right thing by saving all you can towards a deposit. At the end of the day, the bigger deposit you can save, the better chance you will have of getting a good mortgage deal.

Once your credit rating is clear of the IVA record then there should be a number of mortgage options which open up for you. You will need to speak to a specialist mortgage broker. Have you done this already? If not it would be a good idea to do so as they will be able to give you some advice about the type of deal you can expect and the amount of deposit tyou need to aim for.

[James Falla]

Hi there Rod

It is best to wait until six years have past since you started your IVA before starting to look for mortgage deals. At that point the record of the IVA will come off your credit file. As Kelly mentioned, you should also get a copy of your credit file now to check whether there have been any default notices issued against you after the date of your IVA. If so, you need to contact the banks in question and ask then to change the date of the default to the date of your IVA. You are quite entitled to ask them to do this and it simply means that everything will come off your credit file at the same time.

Saving for your deposit is the most important thing for you to do right now. Generally speaking you need to be aiming for at least a 10 percent deposit. However you should have a chat to a mortgage broker and they will advise you more about this.

[Steve Jackson]

Hello Rod

I totally agree that you need to put all of your efforts into saving your deposit. For most people this is the most difficult thing and takes a considerable amount of time. Do check your credit file as has been suggested but then the deposit is where you need to focus. Your ability to offer a good deposit will make a huge difference to your ability to get a mortgage soon.