Re-mortgaging after IVA

[kentgirl]

Hello,

I have a couple of questions please.

The IVA no longer appears on my credit files and I've been building up my credit rating this past year. I have approached a mortgage broker to get a new deal. Firstly, how do I check if the restriction has been removed from my property? Does it cost much?

The other thing is that the broker has recommended a deal with NatWest who were my bank prior to the IVA and I defaulted on my overdraft. I didn't mention the IVA to the broker as it's not on my file and he didn't ask but I'm nervous about an application to NatWest. I presume they would refuse me anyway as I must be blacklisted with them!

Thanks for you advice!

[Ryan]

Hi,

Most Lenders will still ask if you have ever been in an IVA - some may be happy to lend depending on when the IVA began.

Feel free to contact us using the information below if we may be of further assistance.

Regards

[kentgirl]

I still feel so ashamed about the IVA which is the only reason I didn't declare it to the broker. If asked I would of course have been honest.

[Foggy]

If the broker doesn't ask at the initial fact find the lender probably will -- so better to come clean before too much work is done with a lender that will not come to fruition. Regarding the restriction you can get office copies of your title deeds online from the Land Registry, using the .GOV site (be careful as some agents try to look like the official site, but will cost a lot more). It's only a few quid. The restriction should appear in section B: The Proprietorship Register.

[Ryan]

Nat west only do their credit search at full application stage and they do ask about having had an IVA previously - you'd need to tell your Broker about the IVA prior to him submitting the full application.

It's really nothing to be ashamed about - we deal with 100's of Clients who have previously been in an IVA. It is a very specialist area though and if your Broker hasn't dealt recently with someone in a similar situation you may find that he submit quite a few agreement requests which would probably have a negative effect on your credit score.

[kentgirl]

Thanks Foggy. I just checked and the restriction is still on my property. PayPlan are going to look into it and come back to me.

Thanks Ryan. I feel awful having to confess it but I guess you're right, I am not alone.

[luluj]

Still not too late to get Ryan to act for you ....