Chances of mortgage with RBS after IVA completion? I have not disclosed my IVA

Get expert opinion. This is the place for new questions to be posted.
11 posts Page 1 of 1
User avatar
Al.74
Posts: 4
by Al.74 » Tue Mar 20, 2018 6:07 pm
I have been accepted in principle for a mortgage with rbs, it is going to the underwriter next, what are my chances of receiving an offer, my Iva started in 2011, ended in 2017 by taking a perinta loan out. i haven’t disclosed my iva to them. Also when solicitors do a bankruptcy search, does an iva come up.
User avatar
kallis3
Forum Expert
Posts: 72807
Contact
by kallis3 » Tue Mar 20, 2018 6:16 pm
You will have to disclose it if asked.
User avatar
Foggy
Forum Expert
Posts: 25569
Contact
by Foggy » Tue Mar 20, 2018 6:38 pm
You will eventually be asked "that" question! We have seen several examples on the forum, in recent times, where an offer has been made in principle but was then withdrawn when the full checks were made. I would suggest a chat with Ryan and / or Shaun - details here: memberlist.php?mode=team --- they are in yellow towards the bottom of the list.
User avatar
kallis3
Forum Expert
Posts: 72807
Contact
by kallis3 » Wed Mar 21, 2018 9:28 am
If your mortgage is already with RBS, they will have been informed of your IVA at the outset.
User avatar
Shaun Vickery
Industry Expert
Posts: 652
Contact
by Shaun Vickery » Wed Mar 21, 2018 10:36 am
Hi, when you say you haven't disclosed your IVA, is that because you haven't been asked a relevant question? Normally it will be something along the lines of 'have you ever made arrangements with your creditors'. I would never encourage someone to be untruthful in an application and, in truth, their checks will normally uncover it anyway! There's also possibly no benefit to be gained either as other lenders may consider you in your full glory. The fact that you have been accepted in principle, I'm afraid, doesn't necessarily mean that you are home and dry (as I am sure you have guessed). What made you choose RBS?
User avatar
Al.74
Posts: 4
by Al.74 » Thu Mar 22, 2018 6:57 am
They asked if I have ever been bankrupt or am I currently in a debt management situation, which I am not. On the paper application form it asks if I have ever had any ccj’s or defaults which I have answered yes to. My current mortgage is with First Active who are part of rbs but thry no longer offer new mortgages that is why my application is going through them, they are porting my interest rates on my existing mortgage but have different rates fir the additional borrowing. I am hoping to borrow £170 k and putting £125 k as a deposit (proceeds from the sale of my house). My concern is we will be rejected and our offer has been accepted and is now going to the solicitor stage.
User avatar
Shaun Vickery
Industry Expert
Posts: 652
Contact
by Shaun Vickery » Thu Mar 22, 2018 10:05 am
I have to be honest in saying that I don't know RBS well enough to comment but I would question whether they are necessarily the most appropriate lender (or provide the most competitive products). Ideally you do want to avoid making too many applications which can affect your credit score so, if this application isn't successful, I would guard against making any further 'random' applications. Unfortunately lenders do have a somewhat blinkered view when it comes to these things, but it's not insurmountable. If you like, keep us informed on progress and we can always guide you from there.
User avatar
Al.74
Posts: 4
by Al.74 » Thu Apr 05, 2018 2:55 pm
As I thought the underwriter has rejected this because they were one of my creditors. L & C said they could help me with a mortgage from the Halifax, I’m not sure if they were a creditor too, there is nothing on my Iva creditors list but there is Blair, Oliver & Scott and i’m not sure if the debt could have been sold to them, if so would the Halifax have record of this?
User avatar
Foggy
Forum Expert
Posts: 25569
Contact
by Foggy » Thu Apr 05, 2018 3:04 pm
Al.74 wrote:
As I thought the underwriter has rejected this because they were one of my creditors. L & C said they could help me with a mortgage from the Halifax, I’m not sure if they were a creditor too, there is nothing on my Iva creditors list but there is Blair, Oliver & Scott and i’m not sure if the debt could have been sold to them, if so would the Halifax have record of this?


If they were a creditor they would probably still have it on record, but this is not always a bar. I would, however, advise caution making speculative applications as the searches will be a red-flag to others.
User avatar
Ryan
Industry Expert
Posts: 801
Contact
by Ryan » Thu Apr 05, 2018 3:18 pm
Blair Oliver and Scott, are or were the Bank of Scotland groups (which includes Halifax) in house Debt Collection Agency - their initials BOS are the give away. Getting a mortgage after an IVA involves quite a bit of prep work including making sure that all your your credit reports are correct and as Foggy says its best to seek specialist advice rather than making multiple applications which may lower your credit score.

Regards
User avatar
Shaun Vickery
Industry Expert
Posts: 652
Contact
by Shaun Vickery » Thu Apr 05, 2018 3:25 pm
Unfortunately what you have experienced is not at all unusual and the reason that both Ryan and myself are kept employed. There may well be a suitable solution for you but you may have to be advised by an expert in this area.
11 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 4 guests