Post IVA- want a mortgage

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melanie688
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by melanie688 » Fri Apr 20, 2018 11:56 am
Hi all
I am now nearly 6 years post IVA - yay!!
My commencement date was May 2012.
I want to get a mortgage desperately. I'm in a better situation now and my husband has good credit.
I have been sensible and checked all credit reports- which are all correct, defaults removed, all in good standing, credit cards used and paid off in full every month- no flaw at all (apart from the IVA).
My Experian credit report does not list it, however callcredit and Equifax does therefore my credit score with those is poor.


I have seen a house that I have fallen in love with- some prior advice I have had said that affordability we will be good etc and shouldn't be a problem attaining that amount of money.


However, what I want to know is- will I be able to get a DIP in May with when I am 6 years and 1 day post start of IVA? Or does the IVA need to come off the report for my score to be classed as good so that a lender can look at me??
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kallis3
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by kallis3 » Fri Apr 20, 2018 12:10 pm
Have a word with either Ryan or Shaun who are our mortgage experts - they may be able to help you.
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Foggy
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by Foggy » Fri Apr 20, 2018 12:15 pm
The IVA has to come off the credit files. I would suggest having a word with Ryan and / or Shaun, who are both whole of market brokers with experience of adverse credit applications. Even with the IVA off of your credit records some lenders will ask if you have ever been in an IVA, or have you been in one during the last six years (which would be a "Yes"!). Others will ask if you entered one in the last 6 years (which would be a "No"! ). The trick is knowing who to ask (which changes all the time as internal poicies alter).

Their contact details can be found here:

Ryan: memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837
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melanie688
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by melanie688 » Fri Apr 20, 2018 2:24 pm
Foggy wrote:
The IVA has to come off the credit files. I would suggest having a word with Ryan and / or Shaun, who are both whole of market brokers with experience of adverse credit applications. Even with the IVA off of your credit records some lenders will ask if you have ever been in an IVA, or have you been in one during the last six years (which would be a "Yes"!). Others will ask if you entered one in the last 6 years (which would be a "No"! ). The trick is knowing who to ask (which changes all the time as internal poicies alter).

Their contact details can be found here:

Ryan: memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837




Thanks Foggy- any idea how long it will take to come off credit files- eg. it will be 6 years on 16th May, is it off from 17th????
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Foggy
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by Foggy » Fri Apr 20, 2018 2:47 pm
melanie688 wrote:
Foggy wrote:
The IVA has to come off the credit files. I would suggest having a word with Ryan and / or Shaun, who are both whole of market brokers with experience of adverse credit applications. Even with the IVA off of your credit records some lenders will ask if you have ever been in an IVA, or have you been in one during the last six years (which would be a "Yes"!). Others will ask if you entered one in the last 6 years (which would be a "No"! ). The trick is knowing who to ask (which changes all the time as internal poicies alter).

Their contact details can be found here:

Ryan: memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837




Thanks Foggy- any idea how long it will take to come off credit files- eg. it will be 6 years on 16th May, is it off from 17th????


It depends on the processing time at the different CRA's, but should come off within a few days .... it will still show on any online applications (Noddle, Clearscore, etc.) for up to a month but lenders get a "live" version from which it will disappear failrly smartly. I would write to each of the three CRA's, via their website contact points, giving them the heads up and asking for a timescale.
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Ryan
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by Ryan » Wed Apr 25, 2018 4:15 pm
Hi,

You do need the IVA to drop off your credit files before we can apply for a mortgage.
If it happens the day after your 6 years ends, and the files are clear, we will be able to help as we do this daily for clients as their IVA 6 years ends.
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