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.
Ryan wrote:You'd have to answer Yes but hopefully you should be fine now depending on the loan to value, affordability, etc.
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.
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.
Going through a Broker is normally a different process.
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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