Mortgage with nationwide

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foreverbroke
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by foreverbroke » Mon Jan 29, 2018 1:23 pm
Hi
I started Iva 2006 and completion cert received 2013.... delayed due to ppi claim. My credit score is excellent on Experian, equifax and noddle and Iva doesn't show. I am applying for a mortgage with l and c as the brokers. They have recommended Nationwide fixed repayment for 5 years 2.39% interest. However on the mortgage application it asks have I ever been on an IVA and for how much and when. I wanted to check whether I am likely to be declined before I submit the application.
Thanks
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Ryan
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by Ryan » Mon Jan 29, 2018 1:39 pm
You'd have to answer Yes but hopefully you should be fine now depending on the loan to value, affordability, etc.

Regards
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foreverbroke
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by foreverbroke » Mon Jan 29, 2018 2:08 pm
Ryan wrote:
You'd have to answer Yes but hopefully you should be fine now depending on the loan to value, affordability, etc.

Regards

Thanks for that. Ltv 80% mortgage 131k. Salary 35k, outgoings before mortgage about 700 a month so affordable from my perspective just anxious about being turned down and showing on credit file.
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Shaun Vickery
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by Shaun Vickery » Mon Jan 29, 2018 5:12 pm
It's difficult to say for sure without checking your credit file in advance and ensuring you fit the lender's criteria before you apply (something both my firm and Ryan's would no doubt do). If that's been done by your broker (I don't know them so I can't comment) then you should be ok. I would never encourage you to be dishonest with your answers on an application however, even if you are encouraged to.
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foreverbroke
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by foreverbroke » Mon Jan 29, 2018 5:39 pm
I've had confirmation from broker (l and c) that nationwide will approve if Iva ended over 3 years ago as long as no issues with credit score. So application submitted and fingers xd! Thanks for replies
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Shaun Vickery
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by Shaun Vickery » Mon Jan 29, 2018 5:42 pm
Let us know if you have any issues but hopefully you will be ok.
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Foggy
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by Foggy » Mon Jan 29, 2018 5:47 pm
foreverbroke wrote:
I've had confirmation from broker (l and c) that nationwide will approve if Iva ended over 3 years ago as long as no issues with credit score. So application submitted and fingers xd! Thanks for replies


Best of luck.
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luluj
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by luluj » Tue Jan 30, 2018 1:54 am
Hopefully you will be ok but if necessary use the services of Ryan and/or Shaun
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foreverbroke
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by foreverbroke » Tue Jan 30, 2018 4:39 pm
Hi heard today that lenders need to see Iva completion certificate and also some detail about reason for debts. There wasn't a specific factor but an accumulation over several years of borrowing to cover living expenses and consolidating debts and accruing more. There were factors that contributed such as several bereavements in a short space of time and living in rented accommodation and having to cover costs for whole tenancy and bills whilst people moved in and out. Is this what lenders need in terms of info? Is there any advice re what I provide to support my mortgage application? I have a current car finance agreement with no arrears since June 2015 and a credit card since last April with £300 on it again no arrears. Any advice greatfully received so that I can provide the appropriate information as soon as possible to hopefully get mortgage approval.
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Foggy
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by Foggy » Tue Jan 30, 2018 4:54 pm
foreverbroke wrote:
Hi heard today that lenders need to see Iva completion certificate and also some detail about reason for debts. There wasn't a specific factor but an accumulation over several years of borrowing to cover living expenses and consolidating debts and accruing more. There were factors that contributed such as several bereavements in a short space of time and living in rented accommodation and having to cover costs for whole tenancy and bills whilst people moved in and out. Is this what lenders need in terms of info? Is there any advice re what I provide to support my mortgage application? I have a current car finance agreement with no arrears since June 2015 and a credit card since last April with £300 on it again no arrears. Any advice greatfully received so that I can provide the appropriate information as soon as possible to hopefully get mortgage approval.



Can't say that I have heard of this before. Maybe Ryan or Shaun will know better.
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kallis3
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by kallis3 » Tue Jan 30, 2018 5:17 pm
I've not heard of that either.
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Ryan
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by Ryan » Wed Jan 31, 2018 8:37 am
These days if you go direct to a Lender there is normally an 'interview' prior to making the mortgage application. We've heard that many things can be requested during this that often aren't required for the Mortgage application itself - quite a lot of it is to do with affordability and monthly expenditure but they can often request other items such as that mentioned. It will vary from Lender to Lender.

Going through a Broker is normally a different process.

Regards
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foreverbroke
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by foreverbroke » Sat Feb 03, 2018 1:21 pm
Hi just to update mortgage approved and looks like we will be moving into our new home soon! So there is life after IVA and it doesn't mean you can never be considered by high street lenders. What a relief though!
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Foggy
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by Foggy » Sat Feb 03, 2018 2:20 pm
foreverbroke wrote:
Hi just to update mortgage approved and looks like we will be moving into our new home soon! So there is life after IVA and it doesn't mean you can never be considered by high street lenders. What a relief though!


Congratulations. Great news!
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kallis3
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by kallis3 » Sat Feb 03, 2018 2:26 pm
Brilliant news - well done!
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