IVA: The Negative Effects Of Poor Credit Rating

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Your credit rating will be affected for minimum of 6 years from the approval of your IVA, and until your IVA is completed if it lasts longer than six years. Therefore, it is unlikely that you will be able to get a mortgage while you are in an IVA due to your poor credit rating. It is also unlikely that you will be able to afford other costs such as a deposit and moving costs. You will also need the permission of the Supervisor of your IVA, in order to obtain a mortgage.

However, once your IVA is completed, it is possible to improve your credit score and lenders will consider lending to you again. There is no reason at all why a lender will not give you a mortgage at reasonable interest rates, once the IVA is removed from your credit file,

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