Probably will do that but not likely I can do anything about the house we want now and the help to buy scheme.
Just spoke to our Mortgage guy who got the MIP with Natwest and it seems as thought a Credit Check was done and because the IVA is no longer on my file it was not picked up and therefore that is why Nat West accepted us.
Really annoyed me then they said well how do you want to proceed as can carry on with application and if they never pick your IVA up then you will be fine but if they do then it will be a straight no most likely
Irishrams does that mean you cannot use the help to buy scheme? Will they not accept post iva applicants either? Did your mortgage advisor know you had previously been in an iva? If so he should have made enquiries prior to application? Also if nationwide will lend why did they say no?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Nutkins
Irishrams does that mean you cannot use the help to buy scheme? Will they not accept post iva applicants either? Did your mortgage advisor know you had previously been in an iva? If so he should have made enquiries prior to application? Also if nationwide will lend why did they say no?
I think we will lose out on it now because of the IVA maybe but also other things.
What I am being told is Nationwide and now apparently Woolich will consider people who have been in an IVA but not sure what to believe so have emailed the experts on here as people advised.
What annoys me is when I spoke to the Meridian I was totally upfront and honest and told them every little detail no matter how insignificant as I would rather have been told upfront you do not qualify because of certain things and especially the IVA as I presumed that would be the decider. By the sounds of it they did not put the IVA in when considering and that is why we got accepted for a MIP. I think we got refused by Nationwide for maybe some other reason if they accept previous IVA people but not sure.
The Mortgage advisor has now checked and advises the Woolich allow people with previous IVA's so has advised we could try with them. I have no faith whatsoever now but I am likely faced with having to wait another year at least to build up other credit worthiness to out whey the IVA so one more search at Woolich is not going to make a difference if not going to be applying for at least another year.
When I went into this process I had a realistic outlook that we may get refused but would be advised of options to sort ourselves out in the future but it really annoys me that we have been spun along by a Mortgage company who seem like cowboys as if they had of checked properly then they would have said no at the start.
You mentioned in you first post - that you partner has defaults on record - it is difficult to know wether it is the IVA or defaults, the lenders are unlikely to tell you why either. Hope the experts can help - dont give up just yet
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ginger323232
You mentioned in you first post - that you partner has defaults on record - it is difficult to know wether it is the IVA or defaults, the lenders are unlikely to tell you why either. Hope the experts can help - dont give up just yet
Yeah have emailed the experts to see what they say.
I have also gone onto the Woolwich site and looked at their criteria and in terms of defaults and late payments we meet all their criteria. In terms of the IVA it advises as long as you have been discharged for 6 years and it does not show on the credit report. Now it is not on the credit report but in terms of discharged what does this mean. Does it mean from when it started or was paid off?
I am thinking of ringing Woolwich tomorrow instead of going through the Mortgage Adviser and see what they say. In the end it cannot hurt.
I have also been told that even after 6 years when IVA falls off reports a solicitor can still see it when does a bankruptcy/IVA check. Is this true as I do not see the point in it falling off in the first place.
People would only be able to find details of yoru previous IVA if they had earlier copies of the Insolvency Register or your credit file. They could perhaps also find this from doing a full H M Land Registry search, but this would only affect home owners.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
People would only be able to find details of yoru previous IVA if they had earlier copies of the Insolvency Register or your credit file. They could perhaps also find this from doing a full H M Land Registry search, but this would only affect home owners.
Thanks Melanie,
I am 100% for full honesty but that miffed me a bit to think it still sits on some files but glad it does not. I think this Meridian Mortgages seem like cowboys as seem to be giving me incorrect advice and false hopes.
Think I will go direct to Woolwich and also wait for the experts to comment on my situation.
Trying to look for positives in this but is very hard
The more companies you approach the more credit footprints you add to your credit record which then has a negative effect on your ability to gain future credit.
Contact Ryan and let him do the hard work for you. Ryan knows exactly who to approach and who are likely to say yes ...without further footprints on the credit report.
You appear to be getting very mixed messages, and your current mortgage adviser should not be asking / suggesting you try with so many different companies.
This is only my opinion but I would use someone like Ryan or shaun from the forum who have lots of success in helping people gain mortgages who have had IVAs in the past.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by luluj
The more companies you approach the more credit footprints you add to your credit record which then has a negative effect on your ability to gain future credit.
Contact Ryan and let him do the hard work for you. Ryan knows exactly who to approach and who are likely to say yes ...without further footprints on the credit report.
You appear to be getting very mixed messages, and your current mortgage adviser should not be asking / suggesting you try with so many different companies.
This is only my opinion but I would use someone like Ryan or shaun from the forum who have lots of success in helping people gain mortgages who have had IVAs in the past.
I totally agree and have emailed the experts and awaiting a response.
The footprints that they have done already I cannot do anything about however they were due to do a search with Woolwich today but I am ringing them to say do not do a search. But I am going to ring Woolwich direct and just speak to them on there Mortgages but not do any searches so it means I will hopefully get sound advice and it will not effect my credit.
I'd suggest that you give Shaun Vickery a call at The Select Partnership. Shaun is a whole of market broker, who will be able to shop around for you and find the right deal. He also has a detailed knowledge of insolvency, and how this can affect credit applications - so definitely worth a call.
Happy to shed like on this and give some insight on my own experience.
1.A 'mortgage quotation' or 'unrecorded search'should not lower your Credit score.My Credit file has 3 quotations in the last 5 weeks, one has a loan mortgage amount and my score is still 967.
2.You really need a specialist broker who knows who will play ball.They know which lender to go to. (Lender choice can be restricted)
3.It is generally true that unless you are out if an Iva for three years it is a risk to go to high street lender/standard brokers and be rejected.
Some brokers would just not deal on specialist lending incl help to buy
if your iva is less than three years.
4.A 95 percent htb mortgage is difficult.
But a 80 percent is doable post iva but would the buyer deposit be enough??
5.'Help to buy' are very very specialist lending with specialist conveyancy solicitors; house builders like Barratts told me they demand you use their own recommended brokers and lenders to get (95 percent deals) and to cut down on time and administration in the scheme.....be wary as some brokers might not do the htb scheme?
6.Once the mortgage principle is agreed....and you want to go for it....your finances are scrutinised in detail in an affordable assessment.( One can still fail here.)
Your creditfile will be repeated looked into with searches even from one lender till the offer is finally made.
I also have had the pleasure of talking to Ryan and Shaun for their advice and insight.
Last edited by TzeKin on Tue Apr 01, 2014 2:42 am, edited 1 time in total.
So not good news now as Woolwich have declined us but we have sent him our credit files as he is checking as thinks it may be the defaults.
Also Mike from Zebra got back and advised with the defaults,some missed payments and the dropped off IVA there is not much they can do at the moment.
One thing that I am mow kicking myself for and might actually be worse than all the above is the payday loans I have incurred. Even though still my fault on the advise of someone who I now know was wrong he said if you keep getting credit and paying it off every month your credit will repair quicker the damage the IVA is doing. So stupidly back in 2011 I reguarly got a payday loan out every month and paid back in full so I had all these green ticks on my file. I also did this in 2012 and 2013 and the last 2 I did at the start of this year to try and improve post IVA as knew I would be looking for a Mortgage. I have since read and been advised Lenders will not care that they were all paid off but will actually see this as being in financial trouble. So seems I could be back to square one again after all these years of managing an IVA to get back on track.
Still totally my fault in the end but a massive kick in the teeth none the less
Ah feeling very upset for you Irishrams!! No doubt we may be in the very same position in a couple of weeks! I watched a programme which said payday loans are a no go with banks and mortgage lenders!! They really do need to warn people of this!! We do not have any and no defaults but I'm still guessing a 95% ltv mortgage with the help to buy scheme may be declined!! Encouragingly though a poster on your other link has said they were offered this!! What will your plans be now? When have they suggested you apply again?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Nutkins
Ah feeling very upset for you Irishrams!! No doubt we may be in the very same position in a couple of weeks! I watched a programme which said payday loans are a no go with banks and mortgage lenders!! They really do need to warn people of this!! We do not have any and no defaults but I'm still guessing a 95% ltv mortgage with the help to buy scheme may be declined!! Encouragingly though a poster on your other link has said they were offered this!! What will your plans be now? When have they suggested you apply again?
Well we have contacted a another specialist who Melanie put us on to today and he seems very helpful.
He is looking at options for us but actually said I would be better trying to apply on my own as my IVA has gone and my partners defaults might be the issue. Have advised him of the payday loans and he did mention Halifax so will see what he comes back with tomorrow. Only issue with going ahead myself is the amount we can borrow reduces but just to get on the ladder we would settle for a basic property.
