I've just applied for a Mortgage with my wife.
1. Both first time buyer,
2. Buying with a 5% deposit
3. We both passed the Credit checks with flying colours both with a 970 score.
4.The mortgage was with the Principality.
Obviously I had to mention my IVA which ended in November 2012.
As you can probably guess, as a result of my IVA we were refused the mortgage. They told us to try again once 3 years have passed since completing my IVA.
Our adviser rang around many different companies to find someone and all said either no, or try and find out.
I am literally at loss as to why I even bothered to do the IVA if I'm going to be penalized for it (I'm still a little raw as you can tell).
Can any one please help. My credit is good. My work and financial basis is excellent. I just want to buy a home. As it is we're probably going to lose the house we want now anyway.
Try a specialist broker such as Shaun Vickery who posts here or Ryan. They would have a better idea who will lend and if the IVA is off your credit file it should be possible although a bigger deposit always helps.
Hi Dave. It's really frustrating I know, particularly when you have done everything possible yourself. Mike is right that a bigger deposit may help but I've had your email separately and I'll respond to you directly.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
If you are borrowing 95% home loan with a 'recent iva past history' then this will damage your chances.On the record I said this to Mole and Ryan here in the past.I am right.You just have to wait a bit longer as informed.
I also guess you are after a help to buy mortgage that is stringent on checks.
A bigger deposit mortgage is your best bet!
I have heard of Principality, the home loan lender, a poster here had secured a mortgage with them after an iva but not 95% LTV.
Don't be conned by the experian 'credit score' assurance thing,it is not A 'credit rating', there is difference.They are OK for smalI loans or c cards only.
Last edited by nonewdebt on Sat May 16, 2015 2:48 pm, edited 1 time in total.
