Hi all,
I have the completion certificate for my IVA dated 01-06-16. I originally was advised that once my credit files were clear (April 2017) I would be able to obtain a mortgage (albeit not a competitive rate). When I spoke with a financial advisor and then a mortgage advisor this week I was informed that lenders, even the ones for people with low credit scores, won't lend until three years AFTER the completion date, and that even then I might have to wait a total of six years. I am flabbergasted, as I thought the whole idea of credit accounts and IVA's only being on my account for 6 years meant that I wouldn't be penalised for it after this time. I'd be grateful for any pointers on what I can do (if anything) other than keep saving and don't apply for credit in the meantime.
Cheers
Wendi
That is not strictly true although some high street lenders like to go down that path.
Speak with Ryan or Shaun (details under the ask experts a question link on the left hand side of the page) who have been instrumental in helping many posters out.
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
You need a whole of market broker with experience with adverse credit applications -- lenders criteria do vary and Ryan has helped many ex IVA'ers get a mortgage, and not always at frightening rates. We also have Shaun on board, another broker from another firm.
Their details can be found under the "Ask a Question" tab (top left) and scrolling down to the Experts Details section.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I've just completed my mortgage with First Direct. My IVA started March 2010 and finished March 2016. Cc arrived May 2016. Waited a couple of months to make sure credit file was cleared up. Applied for a Luma credit card and was accepted. Then in October looked into changing my interest only mortgage to a repayment one. Majority of high street banks said no after a brief telephone call but both First Direct and HSBC said yes. As long as I hadn't entered into the IVA within the last 6 years it's fine. My mortgage completed last week and everything went through brilliantly. I chose First Direct over HSBC simply because they have come 1st in all customer service polls. Both had same rates and fees. I didn't need to use a broker either
Hi Andy,
That's great news.
My main worry is the idea of getting declined at the full application point. I did look at First Direct due to their reputation, maybe I should have a chat with them?
Some lenders will do a 'soft' search which will not adversely impact on your credit file so certainly worth speaking to someone like Shaun Vickery or Ryan. Alternatively if you contact the lender yourself advise them of the previous IVA before they run the search.
Hi, I have recently been accepted for a mortgage with Nationwide (6 years was up in July) and they asked the question whether I had entered an IVA within the last 6 years so could answer "no". I chose Nationwide because my bank account is now with them.
Piglet, that's fab. It looks like the wording of that question is key. I did think about that lender as I know people who have been happy with their mortgages, and they are one of the Help To Buy lenders. I wonder if they phrase the question differently for that, as I was told they wouldn't accept me...
I checked the public records and I'm no longer there #128556;
Wendi ... also check for any Notices of Correction lurking on your files. One of the CRA's, Equifax or Experian, I forget which ( I forget many things these days! ) has a habit of adding them --- and they are not removed unless requested.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Wendiwoo
There are no Notices of Correction in them just now -are they likely to add them at this stage?
They shouldn't do. They tend to pop them on following completion, knowing the IVA will sit there for, possibly, another year. They do it to help by emphasising that the IVA is finished.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
When I rang First Direct and HSBC the very first thing I mentioned was the IVA because there was no point going any further with the phone call if they wouldn't consider me. They were both brilliant from the first phone call
