How do I answer questions on mortgage decision in principal ?

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scott360
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Joined: Wed Apr 05, 2017 5:54 am
by scott360 » Wed Apr 05, 2017 5:54 am
Hi, my iva is complete and no longer on credit record. i want a mortgage from skipton BS, which isn't a previous creditor. I have a decision in principle. On their application form it asks these questions, should i answer yes to any? If i do, will skipton refuse my application?
Have you ever been declared bankrupt or made an
arrangement with creditors?
Have you ever entered into any arrangements with your
creditors or are you party to a voluntary arrangement?
many thanks Scott
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Ryan
Industry Expert
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by Ryan » Wed Apr 05, 2017 7:34 am
Hi Scott,

You'd obviously have to answer the question truthfully as there would be possible consequences if the Lender subsequently found out that you had been in an IVA.

There are Lenders out there who are sympathetic to Clients in your situation and we would be happy to assist if you were to make contact with us.

Regards
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Foggy
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by Foggy » Wed Apr 05, 2017 7:35 am
Hi Scott --- To answer those questions honestly -- it has to be "Yes". Skipton might still provide the mortgage. But, if they refuse you will have the search on your credit files.

It would be down to your conscience as to whether you wish to say "No" .... this would, of course, if found out, be a fraudulent application and they could repossess the house if the mortgage goes through.

I would suggest a word with Ryan or Shaun, who are two whole of market brokers who specialise in adverse credit applications. Their details can be found under the "Quick Links" tab above ( top left) and then under "The Team" on the drop down --- they are in yellow.
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Michael Peoples
Industry Expert
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Joined: Mon Nov 03, 2008 12:36 pm
by Michael Peoples » Wed Apr 05, 2017 3:49 pm
The 'ever' part of the question could be an issue so I would use a broker who knows the market like Shaun Vickery from Select or Ryan. Some lenders ask have you been discharged within a certain period which you could truthfully answer as no but the question from the Skipton does require and honest reply.
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luluj
Forum Expert
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Joined: Sun Dec 09, 2007 6:54 am
by luluj » Wed Apr 05, 2017 5:58 pm
I echo others - speak to the forum experts. The way those questions are worded you have no choice but to say yes.

There are other lenders out there who will quite possibly ask the same question but in a different way.

Expert advice is needed from Ryan or Shaun
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