I have seen a few posts here that people have successfully obtained mortgages from First Direct a short time after completing theire IVA. My IVA finished in Octiber 2016 (6 years after starting), there were no issues at all during the IVA & i have the completion certificate.
I have been in touch with First Direct to query the policy re new mortgages for former IVA holders to be told that they will only look at me after 3 years, to be able to see a credit history. During my IVA i continued to pay my mortgage, a joint loan (not included in the IVA), mobile phones etc. all of which appear on my credit files.
Any mortgage i apply for will be a joint one with (i will be the second applicant) & with a hefty deposit. Should i bother pushing this any further or just tough i out for another 2 1/2 years... ? It is frustrating that after 6 1/2 years i am unable to get a new mortgage.
There are high street lenders out there who will be able to help so I suggest you speak with Shaun Vickery from Select who posts here or Ryan. Some people may have been lucky but there are mortgages out there for ex IVAers.
I'm afraid many lenders do have a rather un-understanding view of customers who have been through an IVA and we do put a great deal of effort into regularly challenging their thinking. That said, lenders do have different criteria they apply and from what you say it may well be possible to achieve what you are looking for. It will of course depend partly on your other circumstances.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
Hi
Mine was one of the posts regarding First Direct Mortgage after Iva. My 6yr Iva finished March 2016 and received completion certificate May 2016. I cleaned up my credit file over the following few months to make sure it was squeeky clean. I applied for a remortgage in October and both HSBC and First Direct agreed that the Iva was not a problem because it was over 6yrs since the start date and no longer showing on my credit file.
I would definitely phone again and speak to someone else because it really doesn't sound right. Either that or give HSBC a ring. Their mortgage rates were identical but i chose First Direct simply because there customer service is meant to be one of the best.
My application went through with no hiccups and I've been paying for 3 months now.
Good luck
Hi,
There are other lenders who will consider you for a mortgage, so don't be disheartened.
Happy to look in to this for you in more detail if you would like to get in contact directly
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
Cheers folks and thanks Andy (i was going to message you about this).
I spoke again to First Direct who confirmed that they have a policy of waiting for 3 years post IVA to allow for a credit history to be built up. I am fairly satisfied that the credit i retained during the iva (mortgage etc.) Will be enough to satisfy.
