Every mortgage I have applied for has been turned down. Grateful for any advice.

[sadone]

We are in shared ownership and we tried to get a mortgage before the IVA and couldn't get one its now impossible with an iva as well, Barclays told us they wouldn't touch us for 5 years after completion of the IVA and not at all for a shared ownership house, we are stuffed!

[doritos]

Not to put a downer on things, but I have basically submitted to the idea that I will never own a house.

I've got however many years left on the IVA, then 5 more on top of that while the banks treat you like something they stepped in, its a lifetime of renting for me.

as far as credit scoring goes I've done some looking into this over the years.

Banks hold a limited score for you, its based on how much has been in your account on average, how many times you've been overdrawn, any slip ups like unauthorised overdrafts and it can be overriden by the staff (usually a manager)

The real trouble starts when the bank goes to an external agency for a score (they all do it, its a fact of life, (if you throw a few quid on a lottery via their website that's logged by experian.. odd that, anyway I digress)).

So the external score is calculated across all your credit, and is totalled up with a rough idea of your disposable income (they update each time you fill in the box when applying for a credit card), this is then returned as your credit score as in how dangerous you are to lend to, the bigger the number they less dangerous you are, an IVA is like -500 points for however long they feel like.

Now they all hold a slightly different score and they hardly ever talk to each other as the data they hold is their "product" that they can sell, which makes life harder when trying to clean up your record.

[nonewdebt]

A specialist lender is the only solution so it is not Game Over.15 percent deposit.It can be done.
sadone,if Barclays said 5 years is the time it takes for them to ignore your iva in assessing an application then, my analysis sounds about right.

[luluj]

seriously contact with Shaun or Ryan if you haven't already done so.

[IVANotOverYet]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by nonewdebt

Snip...Rejections are logged and other lenders will see the rejections....Snip

That's not strictly true. Applications for credit are shown on one's file, and lenders can see them. They cannot see approval/rejection status, only that you applied; many applications in a short period (under 6 months) may indicate that you are being rejected and applying over and over again to try and find someone who will accept you, however.

They can of course extrapolate the information such that five applications which don't result in five new credit arrangements on your file indicates that you may have been unsuccessful in the applications.