Declaring a completed IVA

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billy754

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Post by billy754 » Sat Jun 13, 2020 7:44 pm
Our Iva was completed and taken off of our credit score in August 2019. Do I need to declare this when applying for a mortgage?

On the paperwork it says, have you ever been in an IVA?

Foggy

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Post by Foggy » Sat Jun 13, 2020 8:01 pm
If the question is "have you ever been in an IVA?", then the honest answer is "Yes".
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

billy754

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Post by billy754 » Sat Jun 13, 2020 8:04 pm
The IVA is no longer applicable and not on my credit file, its complete and done and dusted and shouldn’t be taken into account or a decision made based on that surely?

Foggy

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Post by Foggy » Sun Jun 14, 2020 9:38 am
Sat Jun 13, 2020 8:04 pmbilly754 wrote:
The IVA is no longer applicable and not on my credit file, its complete and done and dusted and shouldn’t be taken into account or a decision made based on that surely?
Right or wrong, lenders have their own criteria for lending. Some will lend right away, some 3 or 6 years after the IVA has completed and some never ! Because something is not on your credit file does not mean it never happened and it will colour a lenders decisions, going forward, if they are aware. I suspect that the credit file is not the 'be all and end all' when it comes to them discovering such things.
You do have to tread carefully, as a declined application will show on the credit file and make other lenders more wary, which is why I woud suggest a word with a broker who is experienced in applications on behalf of those of us with an IVA in the background.
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

Ryan

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Post by Ryan » Sun Jun 14, 2020 10:32 pm
Hi billy754
Honesty is the only option on this, if the lender finds out, you will not get a mortgage with another lender, so don't do it. There are lenders who will still help you, at at high street interest rates potentially.
There are specialist brokers who can help, speak to one so you get this right.
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre

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