Hi - my partner enetered into an IVA 6.5 years ago, and he made his final payment last sept, and received his completion cert mid-July. We are both now looking to buy a house and have had an offer accepted on a new build. We have been to a financial advisor and he took us through a DIP, firstly in my partners name alone and then a joint one. Both came back as fine and the joint DIP suggested that we could borrow £308k! Our current positn is that i earn just over £40k and my partner earns £26k. The offer on the house that we have made is £200k and we have £40k deposit (ie 20%). We ae due to go back tomorrow to do the full mortgage application, but we are now petrified that it all seems too good to be true. When asked on the DIP application re the iva we were honest and ticked yes, so we havent been dishonest thus far The mortgage DIp is with Halifax. When going through the full application will Halifax delve further into my partner's history?? The documents that our financial advisor has asked for (as indicated by the DIP) are all dox relating to me and they have asked for nothing from my partner. Prior to taking financial advice we did check my partners experian repoort and it was all clear re the iva. Its all the more bizarre given that one of the creditors in the iva was Lloyds TSB, which is pat of Halifax!!! If we do go through a joint application and it is unsuccessful because of my partners history will it be possible for Halifax to then consider me on my own or will my chances be ruined then? Another thing which i am worried about if we get passed the mortgage issue is the fact that we have to do a bankruptcy search as part of the conveyancing process, and my partners details are likely to be on the insolvency register until mid Oct (as that will be 3 months post completion cert). If his name is on there will this scupper our chances at the last hurdle?? Any advice is appreciated!
The only advice I can offer is on the Insolvency Register front --- have a look and see if he is still on there as meant have been coming off within days of completion.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Keep on with the application and hopefully everything goes well. However if the plug is pulled speak to a specialist mortgage adviser because if you keep looking around and get rejected this will damage your credit file and your partner's.
Thank you both for your replies, appreciated. Michael - if we continue with the joint application and its unsuccessful do you know whether there is any likelihood that Halifax will then comsider a sole application for myself or will my chances be blown by the unsuccessful joint application? I should be able to get the mortgage in my name anyway, so we are wondering whether we should just do that first off if there is a risk in us making a joint application which fails. Thanks in advance for any further advice....this is really worrying my partner and myself.
I am sure that they would consider an application just in your own name, but the funds you could borrow would probably then be based on your salary alone. If you can get the same mortgage, but just in your name, then this could be a safer and more certain option. You can always change it to a joint mortgage at some future point if this becomes feasible.
I can only agree with Melanie. The fact that you have been up front with the bank should be in your favour and if the joint application is refused it should be easy to get one in your sole name.
I believe other forum members have recently been accepted via Halifax .... You have been honest so hopefully it will be ok.
I do however agree with others, if it can be achieved in your name then go solo on mortgage application and change it later.
Let us know how you get on
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi, I have had a full mortgage offer from Halifax. We finished our iva in January this year and had went to a broker who spoke to Halifax and they were happy to give us a mortgage in principal so full application was done and received the proper offer in writing in may. We are due to move in October when the house has finished being built so hopefully will not change on completion as contracts have been exchanged. Also Halifax were one of my creditors but they still accepted us!
Hi everyone, tha you for your replies, appreciated. Just to give you an update...we went through the full joint application today and it has now gone to halifax for approval. Our advisor said that when the application was sent through it 're-dip'd' us and it was still saying all was fine, so fingers crossed. Halifax have this pm confirmed that a valuer will be sent out this coming thurs, so presumably all their credit checks are now done and we will just have to wait to see if we get the formal offer? This all sounds quite encouraging, but we are still holding our breaths until everything is finalised.
If you can read between the lines I think you have your answer to the bigger question but this has been just based on experience of previous posts on the subject, if you have the time please have a look at them.
There's an interesting interview on Radio 2 about six months ago from the director head of Experian, it has nothing to do with credit ratings either! They work with the CML corporation of mortgage lenders. The CML process every mortgage application
and Experian provide certain tools to help process these applications, if you have the time see if you can get a download which may help you complete the picture, if say you both had to apply at a push.
Kelly.23 not wanting to put you on the spot, how did you vote yes or no or did you in the end, not need to do so?
Sorry, not sure what you mean by vote? We told broker about iva who in turn had a chat with his contact at Halifax and they were fine about it, is that what you mean, sorry I might be completely misunderstanding.
no no spot on. Although the cynical me that I am, having a chat is one thing what actually got input in another. On the basis that those posters who have posted and said yes get a flat no...Still must have a little faith I guess see how chris.34 gets on
Halifax were one of my creditors so even if the broker never passed on the information when submitting application I am hoping Halifax would have still known about it and rejected the applicatiob? At least I know I have never mislead them as we have told the broker about iva so have been completely up front.
