www.iva.co.uk

Hi

We have been contacted by Natwest wanting us to look at their mortgage products with the possibility of either saving us money or shortening the term that we have on our current deal through Landmark Mortgages (prev Northern Rock).. We completed our 6 year iva in October and are no longer on the insolvency register, all our credit files have been checked and are clear. I also made a successful credit application in December for car finance.

When I was contacted by the branch I was honest about the iva, the caller then went away to check with a mortgage advisor who claimed as long as it was off our credit files and we were now off the insolvency register it shouldn't be an issue?

My problem is that I'm concerned that I don't think either of them fully understood the iva situation. The mortgage advisor is calling me to discuss it further this morning with the intention of singing me up to an application over the phone, however I'm worried it will fail and further damage our credit score.

Does anyone have experience of Natwest mortgages after an iva? Are they likely just to reject us for being honest?

The stakes depend on what your plans for getting credit / mortgages are in the next 12 months. If this is just a speculative exercise and gets as far as a full search that search will stay on your files for a year and, in all probability, won't cause any issues. The problems will arise if you are actively seeking to get a new mortgage and start firing off applications left, right and centre ---- Multiple searches will ring alarm bells!

Thanks for the reply Foggy. They've already been on the phone this morning and have now told me that they can't lend to me. Apparently they've found a record of arrears on my very first mortgage with RBS 20 years ago which ended with a voluntary repossession (the joys of being 19 at the time). All monies due were paid at the time but as they are part of the same group they won't consider me.

Never even got the chance to discuss the IVA.

We were starting to think our troubles were behind us but this has just brought us back down to earth with a bump

There are lots of factors that come into play but we have certainly managed to arrange Mortgages for Clients 6 years after the start of an IVA with High Street Lenders.

I think you have contacted us over the weekend and we will reply to you this morning.

Regards