After IVA ends wait for additional 6 years to get Mortgage?

[julie192]

Hi looking to get a morgage following my Iva which ended after 6 years June 9th this year can anyone advice as I'm being told by companies I have to wait 6 years after my end date? Thank you.

[kallis3]

Hi,

Have a word with either Ryan or Shaun (details under experts section) as they may be able to help.

[Michael Peoples]

This is not true for all lenders but you should speak to a specialist broker for proper advice. Shaun Vickery from the Select Partnership or Ryan post here and I know personally that Shaun has obtained mortgages for ex clients of ours once six years has passed from the start and not the end of the IVA.

[Ryan]

Hi,

We certainly have access to High Street Lenders who will look to lend normally 6 years after the start of an IVA and we have managed to obtain Mortgages for many Clients in similar situations to yourself. We would be happy to look at your situation if you were to contact us.

Regards

[Foggy]

As above -- lenders all have different criteria and attitudes (and are not always consistant!). Some will lend as soon as your credit file clears up ( six years from the start of the IVA), some 3 or 6 years after the end of the IVA. A couple will never lend after an IVA!

A broker, experienced in adverse credit applications, such as Ryan and Shaun, will know which lender to approach to match individual applicants circumstances.

It is important not to make random applications, as refusals will leave a stain on an otherwise clear credit report.

[Shaun Vickery]

Hi Julie. In a nutshell, it sounds like you have just approached the wrong companies. Depending on your own circumstances it is likely that there is an appropriate lender out there for you and the rates should also be competitive, but you may need the advice of a specialist broker to help you find the right one.

[Andy.75]

I also managed to sort my own remortgage after Iva. Had a look at high street lenders and just gave them a quick call to ask if they lend to ex IVA people. Some said no. Some said as long as it started over 6 yrs ago. Was now completed and i had received my completion cert it was fine. Didn't try to hide anything and didn't tarnish my credit score with lots of failed applications

[Shaun Vickery]

There are a few issues with what you say Andy, notwithstanding that I'm glad it worked for you. Firstly, lenders will often say that they consider applicants with a previous IVA when in reality they don't. Their Advisers are encouraged to bring people through the door and credit searches are carried out (very often even resulting in a positive 'decision in principle') only for it to be declined at a later stage. By way of another example, Santander will tell you they will consider lending to someone with 4 County Court Judgements....but they won't! In any event, asking the IVA question also only confirms one facet of a lender's criteria but of course you also have to meet all of the others, which can be quite detailed. Furthermore, if your credit file isn't checked prior to making an application to ensure that everything is in order this can result in a declined application which ideally we'd wish to avoid. Finally, do you really know that you have secured the best rate available?

[Andy.75]

I appreciate what you are saying and don't want to get into any kind of arguement about. Maybe i was lucky? Who knows. I waited until about 6 months after receiving my completion cert, built up a little credit via new mobile phone contract and little amount on credit card. Also made sure my credit file was squeeky clean with the 3 main agencies, ( Equifax, Experian, Noddle ) then i just did my own online research via moneysupermarket, moneysavingexpert, and other similar sights to see what products were on offer and what rates available. To be honest it was all pretty simple stuff and had no hiccups throughout the remortgage.

[kallis3]

Again - have a chat with either of our mortgage experts.