Thanks foggy! He said he phoned the advisor from nat west!! Do you know if the help to buy scheme is available for people who have once been in an iva??
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Nutkins
Thanks foggy! He said he phoned the advisor from nat west!! Do you know if the help to buy scheme is available for people who have once been in an iva??
I am not sure why they said no to IVA's. Did you go straight to Nat West or through a Mortgage broker.
When they went to do our check they said it could take 24hrs and when checking why it was a case of the result will come back with Accept, Decline or Refer. Decline and there is nothing they can do, Accept is self explanatory but the refer means that is when human intervention comes in and they take everything into consideration and I hopefully presume they saw that my IVA is gone and was settled 4 years ago and my GF 2 defaults were settled over 4 years ago.
So yes I told them that I had an IVA which is now dropped off credit file and Nat West still advised they would accept us. They have quoted us a rate of 3.09% on a 2 year fixed which sounds good but not sure in today's market.
Not sure if allowed to advertise but we were put onto Meridian Mortgages who sorted the Mortgage in Principal
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Nutkins
Yes we completed 2 years ago having been in the iva 5 years! It's actually 7 years now since the iva commenced! I'm becoming slightly despondent now!!
Strange although I do know some banks will ask if you have ever been in an IVA and then say no which is a bit harsh as you have already served your 6 year penance.
I might give our Mortgage Adviser a ring and double check they took everything down we said as do not want to get any nasty shocks
Got a bit of an update which is starting to give me less hope we will get a full Mortgage.
In terms of the MIP I have been given a few bits of advice all slightly different but when speaking to our Mortgage Adviser they advise a Mortgage in Principal is almost a Mortgage guarantee as long as what we have said we can provide evidence for and that nothing crops up on our credit reports that we have not already told them and of course as long as NatWests lending criteria stays the same.
Also we have been advised they have done a full Credit check on us but when checking our files it does show up that a credit search has been done on our file for Nationwide and Bank of Scotland but not NatWest. So this worries me as the Mortgage Adviser did say they checked with the 2 top lenders presuming the above and they said no but NatWest said yes but why is a Credit Search for them not showing up.
The thing that is worrying me is it was mentioned on here NatWest will not give a Mortgage to anyone who was ever in an IVA which I was and we were also told NatWest have a habit of accepting people for MIP and then declining when doing the full application.
We have now seen a house we are close to reserving but as our hopes were getting up we are now worried that it was false hope as it seems as MIP does not seem to be as good as we thought.
I am ringing my current Mortgage Adviser today to see if they can explain things better and also have another Mortgage Adviser ringing me this morning to go through all our details and then advise on where we are.
But any advise on the above or even advice on what I should be asking them would be great.
Have they said why the other 2 banks declined your application? That is worrying if nationwide said no as that is who we are applying to! Although we do bank with them and apparently they do lend to people who have previously been in an iva!
I do find it very upsetting to think these banks etc treat us like they do! We are probably the less riskiest people to lend to as we have learnt how to budget, now live within our means and hopefully be very sensible with money!!
Will be very interesting to see the outcome which I hope is very positive for you
Irishrams, please do check as reading mortgage in principle from nat west lending criteria, they do say that a full credit check is not done at this stage and they do the check once the full mortgage application is submitted!! This may be why no credit search is showing!
It may be wise to contact Ryan or Shaun on this forum who will be able to help you and me (hopefully)!!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Nutkins
Irishrams, please do check as reading mortgage in principle from nat west lending criteria, they do say that a full credit check is not done at this stage and they do the check once the full mortgage application is submitted!! This may be why no credit search is showing!
It may be wise to contact Ryan or Shaun on this forum who will be able to help you and me (hopefully)!!
Thanks, After paying and looking at our credit files this morning it now shows up that a search saying opt in and in the details says natwest/tpi/natinwide so looks like a credit check was done.
Does anyone think it is worth speaking direct to natwest or go through meridian who organised it?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Nutkins
Have they said why the other 2 banks declined your application? That is worrying if nationwide said no as that is who we are applying to! Although we do bank with them and apparently they do lend to people who have previously been in an iva!
I do find it very upsetting to think these banks etc treat us like they do! We are probably the less riskiest people to lend to as we have learnt how to budget, now live within our means and hopefully be very sensible with money!!
Will be very interesting to see the outcome which I hope is very positive for you
I am just speaking to a different Mortgage Adviser now who advises NatWest will refuse us as they do not accept people who were ever in an IVA. She is advising Nationwide are the only people who will take IVA so looks like you may be okay however for me it looks like a dead end again.
Irishams - contact the two mortgage broker who post here - they are expert at getting people with previous IVA mortgages - their advice doesnt cost anything. Your present mortgage adviser IS NOT correct in saying Nationwide are the only lenders - personally we are now with the Halifax
