Mortgage advisor says we do not have to mention IVA ?

[goodlifeagain]

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

Hi GLA,

I'm very interested in your contribution! I have just completed my IVA and I am desperate to move house due to expanding family in the last 10 years.

I was considering a new buy scheme if possible. Did you use a broker to obtain your mortgage or go straight to the lender?

My CC should be with us in the next few months.

Broker - you can't get the NewBuy scheme without one.

You'll need to make sure your credit files are clear of all nasties, and we had to demonstrate bulletproof affordability (mortgage payment equates to less than 20% of our total salaries).

[nittykitty]

Thanks for that GLA!
Affordability will not be a problem as fortunately our salaries have increased over the last 6 years and our saving on the IVA is almost a wage in itself! It's the deposit that will take the time to accumulate and we have very little equity! If it takes a while for a new house to be built then We can probably save more.

Once I receive the CC I will go about checking our files. They look ok at the mo apart from the IVA on the public record part. Everything else has dropped off.

[sponge]

Goodlifeagain ekkkk I think my previous post didn’t come across as intended, sorry if it caused upset. And as far as securing a mortgage post IVA we do what we need to, whatever that maybe. I hope that sort of clears that up as it were

[goodlifeagain]

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

Goodlifeagain ekkkk I think my previous post didn’t come across as intended, sorry if it caused upset. And as far as securing a mortgage post IVA we do what we need to, whatever that maybe. I hope that sort of clears that up as it were

Thanks but it wasn't your post that I was referring to. In answer to your earlier question though, the IVA was not on our credit files any more, it had been completed two years prior after a five year term. We had only had the certificate about 8 months though.

We certainly didn't do 'whatever we needed to'. We were just honest and applied, fully expecting a 'no'. We were surprised to find that wasn't the case and every time I get home I still wonder how we managed it!

[sponge]

I meant that each applicants circumstances may differ, so a route to a mortgage may take a slightly different path, nothing more clandestine than that - honest

[TzeKin]

Banks are applying duty of care and in that respect 95/100 mortgages are carefully monitored on affordability.But as house prices rise either the deposit has to raise or the loan(bank or government) has to be even higher and generally speaking it becomes unaffordable unless income catches up and I doubt it.
I can actually say that since the help to buy scheme came out,recent 1st anniversary, house price has gone up so the government subsidise part of the home loan has less to offset the total home cost than a year ago and as the years go by we might need 99/100 mortgages to compensate for deposit shortfalls.Is that not a danger??

In question time experts said that help to buy is driving up rental cost.So Michael,is that not another danger? Policywise help to buy is opening an uncertain Pandora's box.

My original query to goodlife's post was how long their iva had elapsed and have been answered;2 year plus so it is totally consistent with what I said about somebrokers attitude with 95 lending on another thread.About 3 years the iva need to elapse.[:)]
If it was under a year I would have also wondered abiet in a reasonably fashion?

No critique from me.

[nonewdebt]

4 years to run till the assisted scheme expires.What happens then. House buying ends):A slump in demand begins):Everyone is jumping in now to beat the rise.You should listen to yourselves.
There are some places in the UK the scheme will not ever boost house price.In the North where negative equity exist,so concerns expressed only apply South.Just don't buy down south.

Bring about Northern Rocks 125 mortgages.That is better than any newbuy.