Hi there,
It has been around 2 years since i finished paying my IVA, I have bee trying to get a mortgage and made the mistake of being honest and mentioning that i had previously had an IVA. Every mortgage i have applied for has been turned down as i have since been told that most banks will not offer a mortgage to anybody that has had an IVA in the past. I am going to speak to Halifax on Saturday which is really my last hope, Should i mention if asked about the IVA or do i shut up and hope for the best. ??? any advice or previous experiences would be greatly received.
Thanks
Try contacting Shaun Vickery at the Select Partnership in Chester - who is one of the experts who posts on the forum. If your IVA has been completed for that long, I am sure that Shaun will be able to find you something suitable.
Ryan from Zebra Money, also an expert on this forum, is a mortgage broker who has access to a wide range of products which may be suitable for your circumstances ... Hs details can be found under ask the exerts. Ryan has successfully helped a number of forum members achieve their dreams
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
There's been much debate about “the question”. In short no one will lend you a pencil to fill the form out if you mention your old IVA. On the other hand there have been posters who have gone and got High St mortgages just post IVA.
I would do what I would have to do to move on and not let your old IVA blight your life, but that's just me. To this end the brokers mentioned maybe able to help you.
You may find an interview from the director head of Experian on radio two about six months ago of comfort, sure you’ll be able to get a download - I'll explain the CML corporation of mortgage lenders process all mortgage applications with a specific engine, Exprian make the tools that service that engine. Those tools are there to detect fraud and what he said by that was like building developments that don’t exist, or those that want to extract money from the banks with intent of not paying it back. He even went on to say live on radio that even if you did tick the wrong box they won’t hold it against you, in most circumstances
There have been a few posters that say must answer it correctly to my mind they are not to tell you what you must do, far from it. The conclusion and decisions that you make must come from you as these could well shape your future life.
Also by talking to a broker they may be able to tell you how many searches is to many?
I have just applied to the Chelsea Building society for a Mortgage and was totally honest in my application, which is always the best way. I have been accepted for the mortgage we applied for. Looking at my credit report it still shows poor scores as I completed my IVA early which is still showing as completed but wont be wiped off until 2017. Perhaps give them a try, you can apply online if that is easier for you, best of luck Rich
"Always remember that the future comes one day at a time."
IVA completed . Just started a blog, if you get chance please take a look. http://rich.blogs.iva.co.uk/
Unfortunately it's not as straight forwards as pointing you towards one particular lender because they all have varying criteria in respect of all aspects of your application. They also have their individual 'credit scoring' techniques, therefore the score the credit reference agency give you is almost irrelevant. I would certainly not recommend making a false declaration on an application form. There may be a solution for you but you'd be well advised to take some formal advice from a broker experienced in this field.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
Thanks for all of your replies,
Unfortunately i am still really finding it hard to be accepted for a mortgage, i printed off a copy of my credit report to see why i was finding it a problem and my credit rating looks really good, (the mortgage advisor in Halifax said it was excellent and would lend me the money if it was down to her,) unfortunately "the computer keeps saying no" and i risk making things worse if i continue to look for a mortgage. if any of you have details of lender that deals with the government "help to buy" scheme and will accept customers that have had an IVA in the past i would be most grateful, FYI i didn't mention my IVA in my meeting with Halifax until the application was turned down, it seems the banks computers go back and look a lot further back that what my credit file reads, (which makes me wonder how legal this is if an IVA only stays on your credit file for 6 years, and the banks look further back
Was Halifax/Lloyd's bank group of of your creditors of your IVA ? If they were, then chance are there have records - which they have to keep for at least six years after the accounts close
Lenders set their own lending criteria and there is NO automatic right to expect a lender to lend to you
Hi there, No Halifax / Lloyds were not creditor of my IVA, and during my IVA i had a mortgage with Halifax, during my mortgage i was never late or missed a payment and paid my mortgage off in full last November when i was forced to relocate through work, Halifax were paid in full including a payment of £2000 for getting out of my mortgage early,! I had kind of hoped all of this may make it easy to get a mortgage from them in the future.....
If you keep applying for mortgages and rejected again and again, it does not do your credit file any good.Rejections are logged and other lenders will see the rejections.You need T time out and just leave it for six months.
You going to have to visit specialist lenders.As Shaun insightfully remarked in other post,many have gone to specialists lenders when the damage has been done.
Do not go to any more high street lenders please stop before it becomes impossible for you to get any credit.
Build your credit profile up is all you can do in the meantime.
Those credit scores give false sense credit worthiness for BIG loans.The lending history is what lenders examine in depth and an Iva destroys it like an A bomb.
It would probably be 5 years after an Iva finishes before lenders will ignore the previous iva as you will have a new 5 years of good Credit history to back up you applications.
There is still a case by case merit in any home loan application.I used to believe a good history with a bank helps but it doesn't as the computer scores the application....then personally reviewed by staff in next stage.
No specialists lender can help with the share ownership or newbuy.
Last edited by nonewdebt on Sun Sep 22, 2013 12:10 pm, edited 1 time in total.
