I completed my IVA on 27/6/13 with no defaults. I am currently looking to buy my first home. I have found a property which is shared ownership, well within my limits and I have over a 10% deposit. I have been told taht as I am not yet 3yrs out of the IVA I can't get a mortgage? Is this true? If not who can I approach? I only need 180,000 and with my wages I could (if I didnt have a previous iva) get 274,000. Need help urgently as I need to call the agents to give a bid on tues!
Hi and welcome. It is possible to get a mortgage post IVA. I'm assuming, you have received your completion certificate and all credit files are up to date.
We have Ryan and Shaun our resident mortgage experts who have helped many posters.
I'll link you to their pages and you can contact them direct.
Different lenders have different criteria, some will lend as soon as the credit file clears ( 6 years from the start of the IVA), some will never lend, and some fall between these two extremes.
Ryan and Shaun will know who best to approach.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Looks like fingers crossed my mortgage broker has found someone who will give me a mortgage.
I find out tomorrow if my offer was accepted! Very nervous!
It's all very confusing as even though I started my I a over 6 years, completed the 5yrs with no defaukt (plus even got them some ppi back- although I had hoped it would come to me) and have been out of it for almost 3yrs it still comes to haunt me!
I was initially advised that after 6yrs from the start it disappeared off your record.... Is this not the case anymore?
Should the offer be successful and I have no joy from my broker I'll be straight on the phone to one of the people recommended on here!
Once it is off your record that should be the end of it, but the lenders usually ask if you have ever been insolvent. I suspect, also, that they have access to archived records, complied to combat fraud (much the same as the insurance industry) so could find you out if you tell a porkie.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi all.
So the good news is that my offer was accepted at 210,000.
My current mortgage broker is struggling to secure a mortgage as they are saying that I am not yet 3yrs out and that if have to wait until June! Which is crazy. He's asked them to consider whether they will be make an exception as by the time the mortgage starts I would have been 3yrs out. But not sure
I may make some calls today to the recommended people on her for advice as in really starting to panic now!
Saturday is not a good day to get hold of the people you need -- but still worth a try. Ryan and Shaun have helped many ex IVA'ers well before they have been long out of their IVA's, once their records have cleared.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy that you probably won't be able to get hold of them.
Well done on getting the offer accepted though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
