www.iva.co.uk

Hi

This question is posed to Ryan who seems to be the man to go to regarding mortgages.

My current situation is I started my IVA in 2006 and I completed it early in Sept 2009, although my completion certificate wasn't signed off by my IVA company until June 2010 so this is classed as the official end date. So my IVA has been completed for over 3 years now.

Would a high street bank likely accept myself and my wife for a mortgage with a 10% deposit, I am considering going to my current bank Natwest who weren't involved with my IVA debt.

Regards

Clive

Hi and welcome

Ryan will answer your question in detail but my advice is to use a broker rather tah going direct.

The problem with going direct to the High St Bank is the question "have you ever been in an IVA ?"

Regards

Clive, you'll probably need to think in terms of a minimum deposit of 15%, which isn't unusual in the current climate unless you have an entirely perfect credit history. If that's possible you have every chance of success but you'll be well advised to consult a broker who is experienced in this area. Both Ryan or myself will be happy to provide some extra guidance I'm sure.

Hello c66, I would like to see you go to the high street lender to get the home loan as you are 3 years out of an IVA... it would be great 'test case'. I really want you to succeed and avoid the specialist lenders.

I am been very positive FOR ONCE! This is THE acid test for post IVA people on credit worthiness.

Really, we don't really want to rely on the specialist lenders, no more than the aqua or vanquise CCs. Me say...want to go to mainstream just like most people!

I am still not not convinced with specialist lenders about their competitiveness with the loan rates??? I am open minded.
High street lenders are battling their guts out like Sainsbury and Tescos over keeping prices low.I do not think any specialist lender can match or come close the best rates from say building society....?

What is the narrative here Shaun?

I really want c66 to succeed! It will not be a bitter sweet symphony but a keynote statement

NoNewDebt,

Im sure Shaun and Andy have the ability to place a sucessful application with a main stream lender. Like they said its HOW to answer the questions on the form that they help with - they could be the difference between Mainstream and specialist lenders. (I might have this totally wrong!)

However, you do raise a good point - IF c66 did get a normal mortgage it would be good news for all. That said, Ive seen pleny on here that are back in the normal market place with regards to credit....

It's not so much of a test case, we've been doing this type of thing for over 20 years, but I understand the general sentiment! It's preferable to find a home with a High Street lender but otherwise we use specialist lenders as a 'stepping-stone'. It's really all about the individual and what can be achieved. There's not a one-size fits all but then in mortgages, particularly at the moment (!) there never is. We'll do out absolute best whenever we're instructed.

Thanks all for the responses.

I think the 15% deposit is do able so I am planning to save up the remainder of that.

My credit record has got to excellent since I came out of my IVA 3 years ago as I have gradually built it up.

I spoke to my high street bank yesterday but I will only get a definitive answer once I go through with the application, they said it would probably be declined but it could be appealed but at the time yesterday I only said I had a 10% deposit.

I have previously been accepted by a broker with a 15% deposit but that fell through as my completion certificate from my IVA was dated 9 months after it was actually paid off. I paid off early after 3 years in Sept 2009 (Started 2006)but my completion certificate was dated June 2010.

I'll let you know how I get on, just need to get back to 15% deposit.

We can often solve the issue with the certificate being delayed as far as a mortgage application is concerned. Let me know how you get on with the deposit and we can guide you further from there. Just be careful about making too many applications as this can also have a detrimental affect on a further application if it's required.

FYI for anyone interested.

I have now managed to get a mortgage with Hailfax.

Halifax have in the last month or so changed their policy on asking about IVAs.

The question used to be 'Have you ever had an IVA?' and now they have reverted back to how it used to be some time ago now asking 'Have you had one in the last 6 years?'.

However the form I filled in hadn't actually been changed but a manager at Halifax told me to just put 'No' as their policy has definitely changed to which I did and our mortgage has now been agreed.

FYI my IVA was started in Sept 2006 and I paid up and finished it in Sept 2009 so I have been out of it for 4 years but as it started over 6 years ago I pass their criteria. Also I made sure I had the 3 main credit companies clear all trace of my IVA.

Bets of luck to everyone else out there, there is hope after all albeit years later!

Excellent news c66 --- crafty bit of date juggling too

Congratulations. ... I would still advise broker support for those with IVA on their files ... everyone has different circumstances and one size does not fit all.

C66,
Sorry i seemed to of missed this question on the forum, but did we speak directly already by email?

Hi

I agree with broker support, Ryan was the man who helped me initially and I would encourage people to speak with him.

Yes I also agree that everyone's situation is different. Just for additional info we had a 10% mortgage my Wife's credit file was excellent and although miine had been excellent recently (950's on Credit Expert) when I applied for the mortgage it was Fair (750s Credit Expert) due to me oopening two new bank accounts. I had no missed payments on my file and we only had credit card debt between us of £1500.

Clive

Great news and glad Ryan was able to provide you with some guidance and support.