I’ve been reading these posts for a long time , started an iva many years ago which completed early 2018. The Iva road was a struggle although a massive relief , the iva was a joint with my then wife and although financial pressures eased it didn’t save the marriage. Half way through the Iva we divorced our Iva was split and we went our separate ways.
Prior to the Iva being completed I remarried had another child and life is fantastic , the Iva completed with no issues and completion certificate received.
Fast forward 2 years post completion and we find our selves wanting to move house , ours has sold and we have enough for a good 15% deposit , my income during this time increased significantly.
This has brought back all the anxiety and stress with regards to applying for a mortgage and the dreaded question of Iva on the application, it feels like the days before entering the Iva !
Our credit history is perfect, just the right amount of debt vs income and we have no marks at any of the agency’s, my new wife has a completely clean history,
I have spoken to a mortgage advisor with the estate agents , we have a mortgage in principle offered but at no point yet has this question been asked and my fear is that when we complete the full application it will be instantly denied.
Should I be speaking to an ex ivaer advisor ? Or has enough time past for me not to worry ?
There is so much contradictory information on the internet about what banks require or how banks deal with this situation I feel lost and anxious.
Are the any advice services even paid for services that anyone can recommend where I can get clear answers?
Most advice I read points to “apply and see how it goes” however the stress is to much and being declined Leaves a mark on the credit history.
I would suggest a whole of market broker with experience in adverse credit applications, as lenders policies do vary --- some will accept you as soon as your credit record clears, some three or even six years after completion and sone never again ! But, as usual the market is ever changing, so an expert in this field can be worth their weight in gold.
We have two brokers who regularly post here who it would be worth chatting to, both of whom have assisted many an ex IVA'er -- Ryan and Shaun. Their contact details can be gleaned from their profile pages at:
I echo whats been said about talking to a broker experienced in this field.
If it helps we completed IVA in Oct 2018.
Spent time correcting credit scores, history, clean slate etc.
Spoke to Select Partnership.
Got a MIP.
Sold our house and 6 weeks ago moved into our dream home with a high street mortgage on a low fixed rate.
It can be done and iva can be a thing of the past once its off your file and recovered.
Best of luck! Please post again once youve got your new home!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Tristan. Good to see that things are on track for you once again. Mortgage Advisers within Estate Agents don't generally have the experience and expertise necessary in this area of the market and they tend to prefer 'nice and easy'! Given what you say, and depending on your other circumstances, it's quite likely that you'd be able to find something suitable and competitive, given the right support. Correct preparation is the key and hopefully this will take the worry out of your hands.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.