Hi, I have been in an IVA for 6 years. Would I be able to apply for a mortgage ?

[ukmdb]

Hi,

I have been in an IVA for 6 years (extended by a year) which finished in July 2012 though have still not had my completion certificate. There is no reference on my credit report thatI have ever had an IVA. Lucky me, or should I declaire to experian that there should be?
The main question though, is would I be able to apply for a morgage?

[ClareSilver]

There's nothing stopping you applying for a mortgage as long as you've completed your IVA and have received your completion certificate. If you haven't received this, then you will need to speak to your IP because in theory until you receive it, you're still bound by the terms. One thing to remember though is that if your potential new mortgage lender asks you the question 'have you made an arrangement with your creditors or ever been declared insolvent in the last 5 /6 years?', you need to be honest. Have you checked all 3 credit reference agencies?

[Kelly.23]

Hi, i finished my iva in January 2013 after six years and have received an offer in principal for a mortgage with five percent deposit. I have not received my completion certificate yet and was told iv would be with us in the next couple of weeks so going to wait for that to come before we proceeded any further and make offers on any houses. Hope that helps

[sponge]

As clare Silver has said check all three agencies that all trace of defaults and IVA have gone. As a quick pass try Noddle CR (it's actually a sub divison of callcredit) it's free and anythying less than 4/5 stars you'll know that one of them has it on file or can see defaults.

When all three CR are squeeky clean then and only really then apply for a mortgage or any credit. best probabley not to apply to a previous lender they may keep records longer.

You'll have to contact all three CR's to make sure it's all in order and it may take a little work to do so on your part. You'll see what I mean when you've got. and if you have any questions on "how to" just ask

Some mortgages lenders ask if you have ever eneterd into an agreement with your creditors and some don't

Well there's the moral dilema if asked and you say yes then you risk blighting yourlself, in all likelyhood a high st lender wil turn you down flat! That leaves you the sub prime market and for people with IVA history, your looking at circa 40% deposit and a higher than normal apr.

So even if you did say no, what's the worst that could happen..It's not like the mortgage police will have you shot at dwan is it.

I shall leave that to your own compass!

[ivoriva]

I think if you were to do that sponge, the agreement could become null and void as you lied in your application. I would say you must answer truthfully - else risk losing your mortgage and home somewhere down the line!

[sponge]

kelly.23 did you check your CR to see if a search had been done against that mortgage in principle, if not, then it's not an offer of anything really?

But I do hope that I am wrong! Which lender has made you this offer?
And if this is the case then you offer a much wanted ray of light

[ginger323232]

You will find trying to obtain a mortgage or any financial product, knowingly use incorrect information is classed as "obtaining goods/ services by deception" as is clearly marked in criminal law as Fraud.
You will find that that mortgage lenders will share information as a means to reduce fraud.

So rather than just being a "moral" choice, its important that anyone applying for a financial product, answers truthfully if ask about prior arrangement with creditors.

http://www.cps.gov.uk/legal/s_to_u/sent ... age_fraud/

[sponge]

I said it's down to your own compass. For me I would worry about that later, rather than not having my own home in the first place. Besides so you have to sell, so what, and with a good wind with the housing market you may have made some money to.

In reality with no trace "by act of parliment" the debt is as if it never existed and exsponged from all record. I and this is just me wouldn't get to precious about it, like I say better to have a house than to deny yourself forever, unless you have a handy 40% deposit and wanna pay through the nose!

Besides to some extent by not paying high st lending, that's how some of us ended up here. And I'm sure as an industry they'd rather we didn't come back..If you like it's for their own good as an industry...How noble is that ha!

[Kelly.23]

Hi, we have had the offer from nationwide and i have a certificate from them confirming the offer and i have also checked my credit report and it appears on the report that nationwide have carried a search so all good there hopefully. We have also last night been given an offer in principal from a whole of the market lender, but with a higher deposit. Just waiting for our cc to come through now so we can start making offers on houses. One of she certificates is valid for 60 days and the other 90 days so fingers crossed we have plenty of time. also in case it helps others thinking of trying for a mortgage we were completely honest and have all the details of our iva and they were both fine with iv

[sponge]

Kelly.23 that's brill. I'm sure that you said you got a grade a as it were, on your experian (ie no IVA and defaults dropped off) when my credit rating was cleaned I got 982/1000.

Also and this may help posters were you asked on the form have you eneterd into an agreement with creditors?

Also what % did the whole of market offer you?

[Kelly.23]

When i first checked my report iv was 999 but after the checks for the mortgage offers and buying something from next it went down to 966. Nationwide asked have you entered into an agreement within the last 6 years and i explained it been six years and one month since we entered the agreement so they said no to that question. My husband dealt with the broker so not sure how they worded the question. The broker has done it on 10% deposit. You will get some people that won't even speak to you when you explain the situation, we were enquiring about a new build and spoke to there advisor and was told not to bother trying for six years still!

[recovering]

I really hope you get your Mortgage kelly this forum needs some good news!

[ginger323232]

Kelly - well done hope the mortgage/ and house move go well.

Personally when we tried to move our mortgage last year , we found the Co-op and RBS automatically rejected the application due to a IVA, completed 2002. We used a broker and saved the legs work.

[sponge]

Tosh323232 I would suggest obtaining money with the intent not to pay it back, for other or personnel use, other than what it is intended, you maybe right. However that's not it's intent and I don't think the mortgage company really gives a dam as long as you do. By the way are we talking about the same banks, that launder weapons money, fix the libor rates, missell almost any product they have in there arsenal….pleeease

And then you going to suggest that the secret service mortgage police are going to come round on a dawn raid ner ner..ner ner your nicked son

Yeas m lord I withdraw my tasser and fired a warning shot well above his head, but it landed in his face.

Well done officer take him down!

[ginger323232]

Sponge - suggest you read the link correctly - may i suggest you are now being offensive in your behaviour