Another mortgage after iva? We already have one mortgage

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lisa810
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by lisa810 » Sun Jun 25, 2017 5:22 am
hi we have just come out of an iva on 26th april 2017. we are currently still on the insolvency register. how long can it take before we can get another mortgage even though we have a mortgage already thankyou
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Foggy
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by Foggy » Sun Jun 25, 2017 7:23 am
For many you can start applying once your credit record clears up (Usually 6 years after the start date of the IVA).

Have a read here:
https://www.iva.co.uk/what-does-an-iva- ... dit-record

However, lenders all have different criteria: Some will consider you right away and others 3 or 6 years after the end of the iVA --- some will never lend!

You really need to have a chat with a specialist broker, such as Ryan or Shaun, whose contact details can be found under their names here:
memberlist.php?mode=team

Random applications and refusals will damage the new, clean credit record, so is not recommended.
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luluj
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by luluj » Mon Jun 26, 2017 3:55 am
It is possible with specialist advice - as foggy suggests Ryan or Shaun will be able to offer some more detailed expert advice
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Ryan
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by Ryan » Mon Jun 26, 2017 7:26 am
Hi Lisa,

The Lenders have different criteria when it comes to IVAs but we'd be happy to take a look at your situation and offer advice if you were to contact us.

Regards
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Shaun Vickery
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by Shaun Vickery » Mon Jun 26, 2017 2:35 pm
It's quite possible although, as Ryan points out, it will be necessary to look at your individual circumstances.
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Andy.75
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by Andy.75 » Tue Jun 27, 2017 6:14 am
I also managed to sort my own remortgage after Iva. Had a look at high street lenders and just gave them a quick call to ask if they lend to ex IVA people. Some said no. Some said as long as it started over 6 yrs ago. Was now completed and i had received my completion cert it was fine. Didn't try to hide anything and didn't tarnish my credit score with lots of failed applications
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Shaun Vickery
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by Shaun Vickery » Tue Jun 27, 2017 11:15 am
There are a few issues with what you say Andy, notwithstanding that I'm glad it worked for you. Firstly, lenders will often say that they consider applicants with a previous IVA when in reality they don't. Their Advisers are encouraged to bring people through the door and credit searches are carried out (very often even resulting in a positive 'decision in principle') only for it to be declined at a later stage. By way of another example, Santander will tell you they will consider lending to someone with 4 County Court Judgements....but they won't! In any event, asking the IVA question also only confirms one facet of a lender's criteria but of course you also have to meet all of the others, which can be quite detailed. Furthermore, if your credit file isn't checked prior to making an application to ensure that everything is in order this can result in a declined application which ideally we'd wish to avoid. Finally, do you really know that you have secured the best rate available?
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Andy.75
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by Andy.75 » Tue Jun 27, 2017 1:38 pm
I appreciate what you are saying and don't want to get into any kind of arguement about. Maybe i was lucky? Who knows. I waited until about 6 months after receiving my completion cert, built up a little credit via new mobile phone contract and little amount on credit card. Also made sure my credit file was squeeky clean with the 3 main agencies, ( Equifax, Experian, Noddle ) then i just did my own online research via moneysupermarket, moneysavingexpert, and other similar sights to see what products were on offer and what rates available. To be honest it was all pretty simple stuff and had no hiccups throughout the remortgage.
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kallis3
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by kallis3 » Tue Jun 27, 2017 1:53 pm
I still recommend speaking to either Ryan or Shaun.
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