There was no record of IVA in my file, should I disclose it to mortgage firm?

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Smoore
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by Smoore » Tue Jul 04, 2017 5:09 am
Finished my Iva in June 2016, it's over the 6years now and credit file is looking better, however I see no record of my Iva on my file, I didnt during the Iva either and Experian confirmed it's not recorded , debts simply said 'defaulted'
I'm now looking at a mortgage and wonder if I need to disclose considering it doesnt appear to have been recorded anyway ,.
Also I need advise as to which approach,,, should I try a high street lender first.? I spoke to my bank ( Barclays ) and told them I'd been in an Iva and asked if I was wasting my time applying, they said as long as it's over 6 years, you can just apply.
Hope someone can advise me please
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Foggy
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by Foggy » Tue Jul 04, 2017 6:57 am
I would counsel honesty -- it might not show ( have you checked all three agencies?), but they might have access to archived records, or, indeed their own if linked to any of your former creditors. If they ask "Have you ever ....." the honest answer is "Yes", any other answer is fraud.

I would suggest a chat with Ryan and / or Shaun, both whole of market brokers with experience in adverse credit. Their details can be found under the "Quick Links" tab above (top left) then under "The Team" on the drop down,
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Ryan
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by Ryan » Tue Jul 04, 2017 7:35 am
As Foggy says best to be completely honest and there is no need not to tell the truth as we certainly have access to Lenders who will look to lend normally 6 years after an IVA began.

Most Lenders do seem to have access to historic information so tend to know if you have been in an IVA previously.

Regards
Smoore
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by Smoore » Tue Jul 04, 2017 7:38 am
Ok I appreciate that,. I will be in touch re mortgage advice in just concerned that as soon as Iva is mentioned,. It's followed by sub prime and then I'm priced out at the higher rates.
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Foggy
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by Foggy » Tue Jul 04, 2017 7:57 am
Smoore wrote:
Ok I appreciate that,. I will be in touch re mortgage advice in just concerned that as soon as Iva is mentioned,. It's followed by sub prime and then I'm priced out at the higher rates.



I hear that, even with mention of the IVA, both Ryan and Shaun have placed our members with very competitive rates. Lenders all vary -- the trick is knowing which horse to back for the particular conditions !
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Ryan
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by Ryan » Tue Jul 04, 2017 8:55 am
Some Lenders will say they 'consider' lending which generally means when it comes down to it that they won't. Also if you had accounts with certain Lenders included under your IVA although their criteria may seem to indicate that they will lend it is unfortunately another story when you try and obtain a Mortgage from them.

It's also important to keep the number of credit checks carried out against you to a minimum so best to avoid making multiple applications.
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Michael Peoples
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by Michael Peoples » Tue Jul 04, 2017 11:38 am
Definitely get some advice and speaking to Barclays was also a good idea. You could go in to speak with them but make sure any search is a 'soft' search and does not show on your credit file and you may even get the mortgage from them. I do know that we have ex clients with High Street mortgages so it is possible. I remember one case that Shaun Vickery had where the person was able to fix for ten years at a rate of just under 3% not long after the IVA fell off their credit file.
Smoore
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by Smoore » Tue Jul 04, 2017 11:47 am
Hi

Many thanks for all of the advice, I'm planning now to look at a soft search beforehand , hopefully I'll know where I stand then, the simple fact is that if I have to go sub prime then I won't be able to afford it . Very frustrating
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Michael Peoples
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by Michael Peoples » Tue Jul 04, 2017 12:09 pm
I think some brokers can run a soft search so nothing to lose there.
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Ryan
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by Ryan » Tue Jul 04, 2017 12:34 pm
You certainly wouldn't be looking at sub prime now.

Be careful though as some Lenders agreements don't mean a great deal sadly, some Lenders don't even perform a credit check when they issue a Mortgage Agreement which is completely pointless.

Regards
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