My IVA started in Jan 2006 and is no longer on my credit files. My files are in tip top shape and I am about to start the process of applying for a mortgage and have been told by a couple of brokers that it is possible once it is off the credit files. However, I would like to see if my bank would offer us one and have an appointment on Saturday morning. I know mortgage applications ask whether you have been made bankrupt but I'm not sure whether they ask about IVA's. I also know that some only ask whether you have had either within the last 6 years would would apparently mean I'm ok. Do I need to declare this "over and done with" IVA for the rest of my life? I really didn't realise how damaging it would be when I entered into it.
Forgot to say, on other forums some people are saying that they just "forgot" to tell the lenders, which would worry me in case they ever found out. Which is probably not likely but I'm a nervous wreck at the best of times!
Sometimes they question also asks if you have ever entered into an agreement with your creditors which, obviously, you have so you would have to answer yes to that.
We do have a mortgage broker that posts on here and has been instrumental in obtaining mortgages for some of our posters. His name is Ryan and you can find his contact details under the 'Ask a Question' link on the left hand side of the page. Give him a ring for some advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
i guess i depends upon the wording, ie have you ever,would be yes. have you within the last 6 years, then no.
i always think honesty is the best policy, personally i couldnt live with the worry.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
vicki - wondering why to dont at least speak to a whole market broker verse in post IVA ?? it will save time/money and a lot of leg work
There usually is a question about bankruptcy/iva and formal arrangements on the mortgage application - also most banks now have to send the application away for approval.
If you fail to "tell the lenders" - you can be charged with mortgage fraud -it is a criminal offence to withhold truthful information - and they share information through CML data base
Last edited by ginger3232 on Mon Apr 23, 2012 11:31 am, edited 1 time in total.
You should be up front with your bank because you do not want them to run any credit checks if they are going to reject you anyway. This can cause more damage to your credit file.
If your bank cannot help it may be best to use a broker as they should know which lenders to use. Some banks ask have you ever been bankrupt and others say insolvent so a decent broker should be able to place the mortgage with a High Street lender if required.
It depends on how the question is worded. For example, if you are asked have you ever been declared insolvent (or similar wording) you will always have to answer yes. If you are asked if you have been declared insolvent within 6 years you can answer no.
I would never suggest 'forgetting' an IVA - people who do are playing a dangerous game!
Thanks guys. I have previously spoken to Ryan and he thinks he could help. I just wanted to avoid the brokers if possible as they charge commission which can be quite alot. Based on my current credit files I would be accepted for a mortgage had I not had the IVA. The IVA is not showing on there anymore as it is over the 6 year period. I suspect Santander (who I bank with) ask if you have ever entered into an agreement with your creditors? I am just going to be honest. So do we have to declare this forever then? That's madness if we do. Although I know you get the people who say it isn't madness because we are clearly a danger with money, which infuriates me because I think the majority of us have learnt the very hard way! I for one will most crtainly not be going down this route again.
Vicki - i know what you mean - however - we moved twice since my IVA finished in 2002 - both times used a broker and been fully honest - Both mortgages with Abbey National and then Bank of Ireland, both without any problems.
Let the forum know how you get on down at your local Branch - but as mentioned usually they send the application away to await formal approval anyway
Last edited by ginger3232 on Mon Apr 23, 2012 11:43 am, edited 1 time in total.
