How many years ago does my IVA (Individual Voluntary Arrangement) have to have been satisfied in order for me to get a mortgage now?
Relates to if a lender accepts borrowers who have had an IVA and if so how many years it must have been satisfied for. An IVA is satisfied when the payment plan has been completed. For example a homebuyer is looking to obtain a mortgage to fund a house purchase but entered into an IVA 6 years ago which consisted of a 5 year plan to repay the agreed amount to their creditors. The plan was successfully completed without any unsatisfactory conduct so their IVA has now been satisfied for 1 year. They approach their lender of choice who says that in order to be considered for a mortgage borrowers with a history of an IVA must have been satisfied for at least 3 years and so on this occasion the person is unable to proceed with an application with this lender.
IMPORTANT NOTE: An IVA usually stays on the credit file for 6 years from the date it was REGISTERED not from the date it was satisfied which typically occurs 5 years after the date the IVA was entered into (the registered date). This is important because some lenders will specify how long it must have been satisfied for and others will use how long ago it was registered.
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