An IVA will remain on your credit file for a total of six years from the date that you first come to the arrangement. If your IVA, therefore, lasts for five years before you have repaid all the debt then you will still have to wait for another year before it comes off your credit record. What’s more, you are likely to have to rebuild your credit rating before you will be accepted for a mortgage.
An Individual Voluntary Agreement is reported to the credit bureaus as soon as it is agreed. It will remain there for a total of 6 years. Most IVAs last for a period of 5 years which means that your IVA will be visible on your credit report for at least one more year after you have finished making your repayments.
Mortgage lenders, and other lenders, are more reluctant to lend money now than ever before. Even sub-prime lenders will usually require that you can show good credit rating. This means that there is evidence of having taken out debt and kept up repayments. Once you have finished paying off your IVA you will need to start rebuilding your credit rating before you are likely to be accepted for any kind of credit.
It is likely to be at least six years from the date of the start of your IVA before you can take out a mortgage.