Can we get a mortgage after the IVA?

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1
User avatar
paul931
Posts: 2
by paul931 » Mon Apr 23, 2018 6:47 am
My partner and I are have ‘interlocking’ IVAs; they are due to end in August this year upon completion of the ‘equity clause’ period. We already have a mortgage and I would like to ask if we could apply for a new one either with our existing or another lender once the IVAs come off our credit files. Are we likely to be accepted particularly because our payment history with our lender is perfect?
User avatar
Foggy
Forum Expert
Posts: 26265
Contact
by Foggy » Mon Apr 23, 2018 6:52 am
Many forum members have managed to get mortgages after the credit files have cleared. Success depends on the amound of deposit you can muster, as well as the normal lending criteria, and asking the right lenders. This is were a broker with experience in adverse credit applications is useful and I would suggest a chat with Ryan and / or Shaun, whose details can be found here:

Ryan: memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837
User avatar
Lisa Thomas
Industry Expert
Posts: 6723
Contact
by Lisa Thomas » Mon Apr 23, 2018 8:29 am
When did they start?

Usually need the 6 year mark to pass before your credit file is repaired.
User avatar
Ryan
Industry Expert
Posts: 862
Contact
by Ryan » Wed Apr 25, 2018 4:08 pm
paul931 wrote:
My partner and I are have ‘interlocking’ IVAs; they are due to end in August this year upon completion of the ‘equity clause’ period. We already have a mortgage and I would like to ask if we could apply for a new one either with our existing or another lender once the IVAs come off our credit files. Are we likely to be accepted particularly because our payment history with our lender is perfect?

Good afternoon,
We t Zebra Mortgage Centre assist people such as yourselves on a daily basis once the IA has ended. Sometimes even before it has ended.
Pease email me, kevin@zebramc.co.uk or call me on 01582 450000
User avatar
paul931
Posts: 2
by paul931 » Fri Apr 27, 2018 6:12 am
Lisa Thomas wrote:
When did they start?

Usually need the 6 year mark to pass before your credit file is repaired.


The IVAs started in July 2011 so should come off our credit files upon receipt of the completion certificate - though I understand that the onus is on us to write to the credit reference agencies to request our records be updated.
User avatar
Foggy
Forum Expert
Posts: 26265
Contact
by Foggy » Fri Apr 27, 2018 6:52 am
paul931 wrote:
Lisa Thomas wrote:
When did they start?

Usually need the 6 year mark to pass before your credit file is repaired.


The IVAs started in July 2011 so should come off our credit files upon receipt of the completion certificate - though I understand that the onus is on us to write to the credit reference agencies to request our records be updated.


Unless things have changed -- and I would be grateful to hear recent experiences --- it should happen pretty much automatically. although you do need to keep an eye on things and jump in if required. A few firms these days advise you to forward copies of the completion paperwork to the CRA's, but this should be done by the Insolvency Service (and always has been done in the past). The biggest thing you need to keep an eye on and possibly get corrected are the default dates lodged by individual creditors, though, in your case, the defaults (if corretly dated) should be gone already, leaving only the IVA itself showing and sometimes a Notice of Correction.
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 18 guests