6+ years after start of iva mortgage

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Passey

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Post by Passey » Wed May 20, 2020 1:57 pm
My iva ended sept 2018 as on april 2020 my credit report is clear.

1 error on it but its with experian and equifax to clear this now.

Spoke mortgage brokers and none will touch us till at least 3+ years after the iva ended.

Looking to do a help to buy.

Since the start of the iva circumstances have changed new job with a big pay rise.

No debts or money issues at the moment and affordability from banks says they will lend us just after some help or any places to go to try and get this sorted.

Thanks.

Foggy

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Post by Foggy » Wed May 20, 2020 2:23 pm
You need to speak to a broker with experience in adverse credit applications -- there ARE lenders out there who will entertain you at reasonable rates, once the credit report is clear. Many posters here have been lucky in that regard.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Passey

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Post by Passey » Wed May 20, 2020 2:32 pm
Thats what i thought. Any idea of any brokers that are working at the moment with iva knowledge?

Credit report is clear appart feom one default showing in 2019 that is wrong. Hopefully hear back some poit. This week with it fixed.

Shaun Vickery

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Post by Shaun Vickery » Wed May 20, 2020 3:03 pm
Hi Passey. Firstly congratulations on getting to this stage. Depending on your other circumstances there should be a competitive lender willing to consider your application but not all will (some ever). It sounds like you have made a start on preparation, which is key but some specialist advice may well be necessary.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.

For individual, confidential mortgage advice see my details under the IVA Experts or go to http://clients.theselectpartnership.co.uk/

luluj

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Post by luluj » Wed May 20, 2020 8:27 pm
Passey - there are definitely brokers out there that can offer you assistance.

Take a look through some of the similar posts over the last few days - you may find some names to contact, with feedback from other forum posters that have successfully gained mortgages through their support
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wakeywakey

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Post by wakeywakey » Tue Jun 09, 2020 1:19 pm
Wed May 20, 2020 1:57 pmPassey wrote:
My iva ended sept 2018 as on april 2020 my credit report is clear.

1 error on it but its with experian and equifax to clear this now.

Spoke mortgage brokers and none will touch us till at least 3+ years after the iva ended.

Looking to do a help to buy.

Since the start of the iva circumstances have changed new job with a big pay rise.

No debts or money issues at the moment and affordability from banks says they will lend us just after some help or any places to go to try and get this sorted.

Thanks.
Hi there,

Are you guys saying that I won't be able to get a mortgage until 3 years after the IVA is finished?
I have never heard this before off anyone and how would the mortgage firm know if nothing is showing on your credit file please?

Shaun Vickery

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Post by Shaun Vickery » Tue Jun 09, 2020 1:25 pm
No that's not necessarily the case at all. It will depend on your individual circumstances but some lenders will be prepared to lend in some circumstances whilst the IVA is still showing (albeit at higher rates of interest and larger deposits). Once the IVA is removed from the credit file there are likely to be competitive deals available (some exclusively through Specialist Advisers)....but you will be asked as part of the application whether you have previously entered into an arrangement with your creditors, which of course you have. The question does not mean that there will not be anything available to you though.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.

For individual, confidential mortgage advice see my details under the IVA Experts or go to http://clients.theselectpartnership.co.uk/

wakeywakey

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Post by wakeywakey » Thu Jun 18, 2020 12:00 pm
So, I know there's a online directory of bankrupts and IVA's but for IVA's, don't these disappear after the IVA completed?
If so, is there still a record of your IVA anywhere and if so, why don't the mortgage companies just look at that as part of the process?

If everything is so clear after the IVA why would anyone admit they had an IVA when it could cost them so much? Unless someone COULD find out!

I must be missing something here!

Shaun Vickery

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Post by Shaun Vickery » Thu Jun 18, 2020 12:09 pm
You are right in as much as the record will be removed from the Insolvency Register but that's the very reason they ask the question - they want to know as much as possible about your credit history. The debate is often had to be fair but worst case scenario, not disclosing the IVA could be viewed as mortgage fraud. I have no doubt that people have done it and not been found out but I would query what the benefit of doing this would be when it's possible to achieve equally competitive mortgages by being honest and removing the issue.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.

For individual, confidential mortgage advice see my details under the IVA Experts or go to http://clients.theselectpartnership.co.uk/

Foggy

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Post by Foggy » Thu Jun 18, 2020 2:29 pm
Me and my conspiracy theories again ... but I have long suspected that there are archival records 'somewhere'. Back in the PPI claims bad days companies used to boast about being able to go back up to 35 years in search of refunds ... old loan accounts, like IVA's, fall off the credit files after 6 years ---- so where were the claims companies getting their information ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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