I started my IVA in March 2005 and did a Full and Final in Jan 2009. I am now told that in March 2011 which is 6 yrs after my IVA started, I still am not approved for a mortgage and lenders wants 6 YEARS FROM THE END OF THE IVA! Absolutely fed up with this as wish people would be honest in first place!!
That shouldn't be the case - I've not heard of that before and your record will be clear of your IVA in March 2011.
As far as I am aware, even people with totally clear credit records are finding it difficult to get a mortgage and you will need a hefty deposit before being able to apply for one.
The goalposts have been moving constantly I'm afraid during the past few years and will probably continue to do so.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I do not know who told you that but they are talking nonsense. How would a lender find the IVA if it was off your credit file and the Insolvency Register so they cannot have such criteria?
There are too many brokers out there who are lazy and spreading lies because they either do not know their job or they could not be a**ed to try and find out about IVAs. You will get a mortgage but be careful about how many searches are being registered against you by cowboys who do not know what they are doing. This will cause your credit file as much damage as the IVA ever did.
I thought you would need a really large deposit as well at the moment Michael?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Possibly. But in March when the six years is up the credit file should be cleared and JB can get a mortgage down the high street. However, I suspect there have been heaps of searches carried out by cowboys who have promised the Earth and JB's credit file is wrecked again even with the IVA and the defaults gone.
I don't agree with some of the comments on this thread.
Mortgage lenders can, and some do, ask if anyone has ever been in an IVA on their mortgage application forms. They can then use this information as they wish although it's unlikely to be a positive obviously.
Doesn't apply to every lender though and mortgage brokers should know which do and do not.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
Hi
Once your IVA is off your credit file it must be mighty tempting to not mention that you have been in an IVA. If you do mention it I am sure that in todays climate you will be rejected
Regards
Hi
Not sure I agree Andrew, though technically you are correct.
I think to call it mortgage fraud is a little harsh. A bending of the truth it is, however you are not currently in an arrangement with your creditors but technically should always declare it ? the reality is that unless the mortgage market changes dramatically you will never obtain a reasonable mortgage
How long should you be penalised ?
Regards
Whilst you should always be truthful, how many companies will actually trawl back through records to see if you have ever been in an arrangement?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
To play on words --- if the application asks "Have you ever made an agreement with your creditors?" the answer will always be "yes" ... as in ... "they lent me the money and I agreed to repay it".
More sensibly -- it it askes if you have ever been bankrupt, you can honestly reply "no".
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think people have to make the right decisions for themselves... and I didn't mean to sound harsh though I can see that my words could be read in that way.
Adding incorrect information to a mortgage application to influence the outcome isn't something I'd advise and is something that could have consequences.
Not every lender asks this question however, so any such dilemma (if indeed it is a dilemma, for some people it will not be) can be avoided.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
