www.iva.co.uk

Hi,

Myself and my partner have a 15% deposit on a house and an offer accepted on a property. I am the major bread winner (so to speak) 66%/33% rough split.

My girlfriend had an IVA finish 10 months ago but i have a good credit rating.

Do you think we will have any problems getting a mortgage? I have a meeting today with HSBC and i'm sort of worried that a refusal there will place a mark against us?

Hi Vostromo - welcome to the forum.

If you are looking to have a joint mortgage then you may have problems as your girlfriends IVA will still be on her credit file. If it is just to be in your name and your income will support the funds you are looking for then you should be fine if your credit rating is good.

You are right that a refusal of credit can be a negative on your credit record so it may be best for now trying to get a mortgage solely in your name if you can.

Good luck with it and let us know how you get on. If you do have problems there is a good contact on here that can help with mortgages for people with adverse credit records so we can point you both in that direction if need be but hopefully you will be fine.

It may also be worth contacting a whole mortgage brokers - who are used to dealing with lenders that are more understanding about IVA.

HSBC are known NOT to be IVA friendly.

It prevent wasting money/fees and lots of leg work

Thank you for the quick response.

Am i right in saying that her IVA will stay on her credit file for 1 year?

6 years in total - however she should check to make sure everything is in order - otherwise defaults etc may be on there for longer

Her IVA will stay on her credit files for 6 years from the start so if it finished 10 months ago after a 5 year term then she should only have a couple more months to go. Hopefully she has recevied a completion certificate and her name has been rmeoved from the Insolvency Register?

I have to admit to not knowing about the Insolvency Register so will have to look into that.

We finished the IVA about 1 year early so i don't know how that affects things?

It doesn't matter when the IVA was finished - the clock starts ticking when the IVA starts and it will stop after 6 years so count back to the start date and you can project the time it should come off the credit file.

If your girlfriend has had her completion certificate and she is still on the register get her to contact her IP to get her name taken off.

Well it's been a frustrating/revealing couple of days.

Firstly, it turns out that my girlfriend didn't have an IVA but it was a debt management scheme and voluntary on her part. Unfortunately, dispite her having a experion credit score of 958/good (mine is 978/excellent) we are having problems finding a mortgage. The financial adviser with the estate agent we are dealing with says she can't help us.

Any advice would be welcome.

Use a whole market broker - use the link on here (Ryan) see if he can offer any advice/help

Credit scores mean nothing as each lenders marks diffrently - so do not get hung up on them