First time buyer after 6 years

[phill1816]

Hi
I am looking to buy a house for the first time when all of my defaults have gone off my report in December. Has anyone had any experience of first time buys after their IVA has cleared? If so what deposit did you need? Were interest rates higher? Help would be appreciated.

[Shining]

Hi and welcome to the forum. Many posters have been able to obtain a mortgage after IVA when their credit files have been tidied up.

One piece of advice that crops up often is to have a chat to an all of market broker. In respect of deposits I'm not sure but we do have a mortgage expert who may be able to give you some advice, his name is Ryan and his contact details can be found within the ask a question link to the left.

[Shining]

Just had a quick look and there is also Shaun in there too might be worth a word with both.

[phill1816]

Thanks, I have already spoken to Ryan, just interested to hear peoples experiences that are in similar circumstances to me.

[Shining]

Hopefully someone will come along soon to share their experience with you.

[andhr]

Hi Phil,

Firstly good luck with the process! A good broker goes a long way, in fact, my advice would be to stay well away from high street branches as they are likely to further damage your credit by doing searches when you don't even meet their lending criteria!

I recently applied for a mortgage after 2 years out of my IVA (7 years since start) and had it declined, from Halifax - who to note offered an accept at decision in principle stage. I had looked at my credit reference data from Experian and Equifax and it all APPEARED clear, but was in fact still showing my IVA as outstanding.

Before you apply get both of your reports - Equifax searches all linked addresses and should find your IVA if it still there, if it is contact them with your certificate of completion and have it corrected.

Experian on the other hand only searches on addresses you provide (my IVA was on a previous address), but your lender will search on all linked addresses. What you need to do is get an initial report and then add all the linked addresses from it to your 'my details' profile to find what is outstanding. Then email and have the IVA removed if it is completed.

Then sort out any defaults and make sure they are gone or satisfied.

Once you've done all that you MIGHT be ok, provided the lender's criteria doesn't have a 'no if ever had an IVA' !

[Ryan]

Hi Phil,
I would also suggest you get your report from Callcredit, as some lenders are now using this company also.
Be happy to discuss this further once you have this

[TerryH]

Hi Phil. ive just got a mortgage with the Halifax by going through Ryans company. I think i have may have been lucky though as it seems that shortly after my application the halifax have changed thier application and it now asks if you have ever been in an IVA (it didnt previously). There are however other mortgage companys that will lend to you if your credit file is clear but you will most likley pay a slightly higher interest rate.
good luck!

[Kelly.23]

Hi, we also got a mortgage offer from a high street bank by using a mortgage broker. We are first time buyers and had a 10% deposit

[luluj]

Great to Terryh your success ...well done Ryan ..another happy forum member !