I guess I am just going to vent my upset on the forum re trying to get a mortgage for a shared ownership flat having had an IVA.
I am 41, employed full-time, stable and with a good salary. I was just allocated a shared ownerwhip flat in London and I thought this is it! I am going to finally get on the property ladder. I was supposed to attend a Financial Interview but they heard about my IVA and immediately panicked.
Then this Financial adviser told me that no one will lend me any money for a mortgage having satisfactorily completed my IVA in May 2012. Apparently I need to wait 4 full years.
But how do you answer the question 'have you ever been on an IVA/defaultd payments' even after the 4 years? - I guess we can do nothing but lie?
Amy advice on what is the best thing to do at this stage?
Thanks
Hi Jeile. What you need to do is to find a Financial Advisor who knows what he is talking about. We have a couple on the forum, Ryan and Shaun, who have manged to place mortgages for ex IVA'ers within a couple of years of finishing. Yes, some lenders will wish to wait 6 years post IVA -- this is an internal policy and not the be all and end all. A lot will also depend upon the deposit you have available.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Carlos - that is frustrating for you. Not all lenders would make you wait 4 full years after the completion of your IVA, I'm not sure where that is coming from - did your IVA run for 5 years prior to completion?
With regards to 'the question' - you should never lie and could find yourself in trouble if you make a false statement. If you are asked "Have you ever" then yes you have. If you are asked "Are you currently" then no your are not. And remember Bankruptcy is not an IVA so you only need to answer if it specifically says IVA or Arrangement with creditors.
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Hi, although disappointing some posters have managed to obtain mortgages through the two advisors listed in Foggy's post and their contact details can be found in the ask the experts a question link ot the left. Might be worth a chat with one of them or indeed both of them.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Ryan is away on holiday at the moment but his colleagues in the office will be able to offer you some advice. Saying that I believe he has recently fed back that gaining mortgages for shared ownership properties is somewhat difficult - but he likes a challenge so don't give up hope yet.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thanks so very much for your replies guys, and Ryan & Shaun if you read this, what is the best way to tcontact you?..
Well, the Financial Advisor from L&Q Housing association (SRC) told me that Leeds Building society said that I actually needed to have satisfactorily completed the IVA for SIX years now... I do not think this is anything to do with the fact it is a shared ownership property Melanie, but it could be.. they did not say much more...
I also check my file with Equifax and I have a score of 470 (good apparently) and no trace of the IVA, so not sure how they would even find out?
It is a bit disheartening as they said I was a great candidate for shared ownershiop (stable job, good income) and I am just qutie concerned that I will have to wait 5 more years to get on to the property ladder (will be 46!) and at that age I am guessing it will be hard to be lent any money for 25 more years!
In any case I should probably keep trying and I shall take a look at the Nationwide TheMatrix, thanks!
Hi, you'll more than likely need some specialist advice. My details are shown if you click on my profile but if you'd like to email me first you can contact me at shaunv@equity-online.co.uk
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
When I too enquired with Leeds Buiding Society, having walked into one of there branches and speaking to the manager. I was also told that they could not help at all with a mortage/remortgage until SIX years had passed from the end of my IVA. So total 12 years in total from the start of IVA. !!!!! Very disappointing !!
All the best,
Regards Daz (webspark)
[:D]
Completion Certificate Received 2nd October 13. [:)]
Some will consider after the credit file is cleaned, others can vary between 1-6 years post completion date. Yet others will NEVER consider anyone with a IVA in their track record EVER.
I did a little research earlier and Nationwide came out top. Though of cause things can change, they do however have my main banking now.
Last edited by TheMatrix on Sat Jul 20, 2013 1:10 pm, edited 1 time in total.
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