It seems the MIP we have with Natwest is worthless due to us being accepted on their credit check as the IVA is not on my file but they do not accept anyone who has ever been in an IVA.
In terms of Help to buy we can go forward with Natwest but our Mortgage adviser says we do not have to mention the IVA and if they do not pick it up on records then fine but that is being fraudulent and if they find out will ruin our chances.
I am wondering what our options are in terms of who would consider me in the Help to buy with an IVA that started in Nov 2007, paid off in Dec 2009 ad fell off my report in Nov 2013.
Also if we were to go down the route of a normal Mortgage to get this home which is about 200k what sort of deposit would we need and are there any lenders in the scheme that would consider us not using the Help to Buy
If you are asked if you have ever been in an IVA on the application you must state yes, if you are not asked the question then you don't have to inform anyone of your completed IVA
Be guided by your advisor, the two experts on here Shaun and Ryan may be able to help
It can be confusing and complex filing in these forms Irishrams. If I was asked "Had I ever been in an IVA?" I could easily misread this as, "Am I currently in an IVA?". And answer accordingly.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andy Davie
Hi
If you are asked if you have ever been in an IVA on the application you must state yes, if you are not asked the question then you don't have to inform anyone of your completed IVA
Be guided by your advisor, the two experts on here Shaun and Ryan may be able to help
Good Luck
Regards
Thanks for this.
I am in two minds as I have been told you need to be fully honest meaning I would admit to my previous IVA so I am not disappointed down the line, however most places ask if you have ever been Bankrupt and do not mention the IVA meaning if you do not mention it your are not lying but not divulging any information they have not asked for.
I was told that a solicitor when doing a final Bankruptcy/IVA check can unearth my IVA even if not on Credit file but have been advised by Melanie on here that only companies involved in my IVA would be able to see my IVA as may have internal records. SO to me if I apply for a Mortgage an they never ask the IVA question then I am within my rights to not mention it as I know it has disappeared and no longer effects me financially.
The real problem I have at the moment is NatWest did accept us on principal which is telling me apart from my IVA they are not too fussed with my partners credit history in terms of defaults as that is all showing on her credit report so presume they picked that up. However then Nationwide who accept IVA's refused us so was that because of my partners Defaults. I am trying to look for the positives but I am worried that when I come to the end of this saga I will not know if my IVA is stopping us or if my partners settled defaults are holding us back.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andy Davie
Hi
The solicitors bankruptcy search will only be via the insolvency register and you will no longer be showing on that
Good Luck
Regards
Thank You,
I thought that was the case so that is a relief however we have already owned up to Meridian we have an IVA even though they only asked about Bankruptcy as wanted to be honest. However as Natwest do not take anyone who has ever been in an IVA I presume they would have asked the question at some point down the line.
Looking on Woolwich we do pass their criteria in terms of what Adverse credit you cannot have apart from I am not sure about my IVA. It advises the IVA needs to be gone from your Credit record(which it is) and also says discharged for 6 years which I am not 100% sure what this means if anyone could advise us.
Also is this the right section I posted in to get Ryan's or other Mortgage Experts help as seem to have just posted on the forum when I went via ask a question which I was not expecting [?]
If you go to "Ask a Question" (top left), click on that, then scroll down to the experts Details section you will find their contact details ( emails) there for direct contact outside of the forum.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
If you go to "Ask a Question" (top left), click on that, then scroll down to the experts Details section you will find their contact details ( emails) there for direct contact outside of the forum.
Cheers foggy,
I have found Ryan's email so have dropped him an email so hopefully will be able to help
I really hope you get some positive news Irishrams! Please do let me know how you get on as it would appear that we are in the same position and asking the same questions! I have discussed the help to buy scheme at length with a financial advisor! You can only put up to 10% deposit anyway if going for the new build scheme. This scheme would be totally suitable for our needs at present in order to get back on the housing ladder!
Just to say also that on most mortgage application forms they ask if you have ever been made bankrupt or come to an arrangement with former creditors !! Think that would mean an iva and therefore render the application as fraudulent if the former iva isn't disclosed!!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Nutkins
I really hope you get some positive news Irishrams! Please do let me know how you get on as it would appear that we are in the same position and asking the same questions! I have discussed the help to buy scheme at length with a financial advisor! You can only put up to 10% deposit anyway if going for the new build scheme. This scheme would be totally suitable for our needs at present in order to get back on the housing ladder!
Thank Nutkins,
In terms of telling them about the IVA I think I am of the opinion that I will even if they do not ask because that way there will be no surprises down the line.
I will let you know but a word of warning is stay away from Meridian Mortgages. It was partly my fault I consented to the credit checks but did not know they were going lead me down a false path of thinking I can get a NatWest mortgage when in fact I had to inform them I could not proceed with that due to the fact they do not accept people who have ever had an IVA.
I have heard back from Mike at Zebra as Ryan is on holiday and he has taken all our details and is going to get back to us tomorrow in regards to our affordability and options so feel a bit better. Also a Woolwich/Barclays adviser got back to us today and said our defaults and IVA pass their criteria so has asked us when we can pop in to have a chat and go from there.
I still think we may not get through the Woolwich and the other option will be a larger deposit meaning to save for a few months but at least I am feeling now I am getting some answers on exactly what I need to do to possibly obtain a Mortgage or the way forward to get myself into a position to obtain one.
Ah that really is good news! Would really appreciate you letting me know how it all goes! I will you too if and when we apply! We've got an appointment with a mortgage advisor on April 15th!!! If the house you want is still available then you may be just fine with your deposit and help to buy scheme!!
Ryan is away for the next couple of weeks enjoying a well earned rest ..... Having justed turned past a biggish birthday !!!! Mike is covering his emails and will help out the forum members in Ryan's absence ..... However I believe isn't going to be posting on the forum ehile Ryan is away.
I will however alert Ryan / Mike to anything urgent while he holidays !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
