www.iva.co.uk

Afternoon all,
I am currently renting, and have been since I did a lump sum IVA in February 2009. I was wondering what the eligibility criteria is for the governments help to buy scheme being opened up to older (ie not new build) houses from January. My IVA will still be on my credit file for 13 more months in January so I guess this would rule me out of the scheme? I would be able to get a 10% deposit together by then, so would only need to borrow another 10% under the scheme. If the IVA means ive got no chance, how about when the IVA has dropped off - does anyone know whether I have to declare the IVA once it has been removed from my file as you do with some mortgage lenders? Or maybe I should just try and get a mortgage (via Ryan who I have chatted to before) in Feb, when I will have a 10% deposit, and the IVA only has one year left on my file...I'm getting on a bit now (!) and need to get into a house and get it paid off in the 20 years I have left before I retire, as I dont want to be spending all my pension on rent when I could be living it up in some holiday retirement hotspot somewhere [:D]

Apologies, my laptop froze so I refreshed the page, and it seems to have caused my post to register twice.... [:I]

No problem -- I have deleted the other one

I had a quick look at the new help to buy scheme starting, the small print excludes people with a history of debt problems. I don't know if that means anyone who has ever had an IVA or just recent.

It might be worth having a chat with the two experts on the forum who deal with mortgages. They may have additional information that will help you with your plans. I am sure they won't mind offering you advice now so you can prepare for 13 months time.

There details (Ryan and Shaun) can be found via this link http://www.iva.co.uk/forum/forum_experts.asp

Ryan and Shaun, any info on this please. Not sure why you would be excluded from an Equity Loan on a new build as the governmoent has its money protected?

Sorry I have managed to answer my own question!! Good news!

Do I have to pass a certain credit score to be able to apply for Help to Buy backed mortgages?

All borrowers need to pass lender’s standard criteria. As a matter of routine, lenders will carry out their normal credit and affordability checks on all borrowers. Mortgages supported by the Help to Buy guarantee scheme cannot be granted to credit impaired borrowers. This means borrowers who within the last two years have owed overdue payments equivalent to three months’ payments on any type of loans, had a County Court Judgment over £500 or bankruptcy order within the past three years will not be able to access mortgages under the Scheme. Lenders will also check that borrowers can afford the mortgage and will ask for proof of income.

Still don't give up hope ... speak to Ryan again and see if there is any further advice he can give

Well -- you haven't had a CCJ, haven't been bankrupt and ..... are IVA payments overdue payments ?? I would argue not. The loans have been incorporated into a new, overriding arrangement, which is up to date.

Still worth a chat.

Yes Foggy, i read that as cliets with completed IVA will not have a problem and are eligible. However, you still need to meet the specific lenders criteria

Morning,
We have lenders who will offer the HTB scheme to people who have had IVA's, we have helped many people from the forum with this.
It must completed, be off your credit file and all adverse entries removed before applying.
Hope that helps?

Yes, Ryan that is useful to knoow.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Ryan

Morning,
We have lenders who will offer the HTB scheme to people who have had IVA's, we have helped many people from the forum with this.
It must completed, be off your credit file and all adverse entries removed before applying.
Hope that helps?

Do they check the insolvency register?

Am I right in that the insolvency register keeps the record for three months after they are told it's finished?

Hi,
No this is not correct.
Once the IVA has completed, it can take up to 3 mths for the Insolvency register to be updated, but that is a worse case scenario.
To get a mortgage, all 3 credit agencies and the insolvency register have to be clear.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Ryan

Hi,
No this is not correct.
Once the IVA has completed, it can take up to 3 mths for the Insolvency register to be updated, but that is a worse case scenario.
To get a mortgage, all 3 credit agencies and the insolvency register have to be clear.

Completed meaning the final documentation has come through? or the original end date has passed?.. my last payment was sept 2014, but STILL waiting for my final docs, even tho have had updates saying `we sorry taking so long, just been busy` `shouldnt be long now there's been no issue on your account, just being slow`..

i just need to know when that clock starts for being clear.. i just got married and want to buy a home as soon as possible, but naturally if the iva people are delaying things and the start date isnt until THEY finish they are really not helping my cause at all