www.iva.co.uk

My iva was settled early after 3.5 years and now reached 6 years after the start. My credit rating is completely clear with no sign of any bad debt or iva. Recently got a credit card with tesco (not adverse lender) to just use for petrol each month and clear balance. Now looking to move home and wondered if anyone had success with normal high street lenders for a mortgage. Don't want to look at adverse lenders due to cost but also don't think I need to as credit files look good. Suggestions on which lenders etc appreciated.

There are lenders out there who will help but I suggest you take advice from a specialist such as Shaun Vickery from Select who posts here or Ryan. Some lenders ask questions such as have you 'ever' been in an IVA and others want to know if you have been in one in the last two years for example. A broker would know which high street lender to approach. Best of luck with the mortgage.

Certainly suggest Ryan at Zebra or Shaun. Both have experience of helping forum members.

If you follow this link you can locate both of them

http://www.iva.co.uk/forum/memberlist.php?mode=team

Hi,

We'd be happy to take a look at your situation if you contact us using the details provided.

Hi, I managed to remortgage with Nationwide as they asked if I had started an IVA within the last 6 years (which I hadn't) so could answer no. I would advise that you make sure that the restriction has been lifted from your property as mine hadn't and I had to phone my IVA company to get it sorted which delayed things by a few weeks.

That's fab news. I'm scared to apply for a mortgage without help as the effect it could have on my credit report if declined. It just shows there is success after an IVA.

Hi Kaz, if you apply through a specialist broker they will be able to establish whether you fit the criteria before you even apply. They should also be able to obtain the most competitive rate available for you.

It is certainly worth using a specialist such as Shaun especially if you end up with a High Street mortgage and a clean credit file. Shopping around yourself can cause searches against you so be careful.

I also managed to sort my own remortgage after Iva. Had a look at high street lenders and just gave them a quick call to ask if they lend to ex IVA people. Some said no. Some said as long as it started over 6 yrs ago. Was now completed and i had received my completion cert it was fine. Didn't try to hide anything and didn't tarnish my credit score with lots of failed applications

There are a few issues with what you say Andy, notwithstanding that I'm glad it worked for you. Firstly, lenders will often say that they consider applicants with a previous IVA when in reality they don't. Their Advisers are encouraged to bring people through the door and credit searches are carried out (very often even resulting in a positive 'decision in principle') only for it to be declined at a later stage. By way of another example, Santander will tell you they will consider lending to someone with 4 County Court Judgements....but they won't! In any event, asking the IVA question also only confirms one facet of a lender's criteria but of course you also have to meet all of the others, which can be quite detailed. Furthermore, if your credit file isn't checked prior to making an application to ensure that everything is in order this can result in a declined application which ideally we'd wish to avoid. Finally, do you really know that you have secured the best rate available?

I appreciate what you are saying and don't want to get into any kind of arguement about. Maybe i was lucky? Who knows. I waited until about 6 months after receiving my completion cert, built up a little credit via new mobile phone contract and little amount on credit card. Also made sure my credit file was squeeky clean with the 3 main agencies, ( Equifax, Experian, Noddle ) then i just did my own online research via moneysupermarket, moneysavingexpert, and other similar sights to see what products were on offer and what rates available. To be honest it was all pretty simple stuff and had no hiccups throughout the remortgage.

I personally, would recommend having a chat with either Shaun or Ryan - what have you got to lose?

I think you have done very well Andy and certainly no one is arguing. You are not lucky but methodical and you did your own research. Not everyone is like that and if in doubt use an expert but if, like yourself, you are comfortable doing it yourself then there is no issue.

It is like the PPI reclaim. Many people used PPI firms knowing they could do it themselves but by using a reclaim company they felt a bit more confident of it being processed correctly. Nothing wrong with that and choice is a good thing.

Quite often one of the issues is that the employees of the Lenders don't know their own criteria. So, if you are going to approach them directly having done lots of research is definitely a must as you don't want to have to sit through their sometimes 2 hour long interviews/interrogations to come away with a decline.

Regards

Wish you luck if going it alone - your research time will hopefully pay off. If in doubt use one of the experts Ryan or Shaun - wouldn't want to see it go wrong for you.