Hi
I started Iva 2006 and completion cert received 2013.... delayed due to ppi claim. My credit score is excellent on Experian, equifax and noddle and Iva doesn't show. I am applying for a mortgage with l and c as the brokers. They have recommended Nationwide fixed repayment for 5 years 2.39% interest. However on the mortgage application it asks have I ever been on an IVA and for how much and when. I wanted to check whether I am likely to be declined before I submit the application.
Thanks
Ryan wrote:You'd have to answer Yes but hopefully you should be fine now depending on the loan to value, affordability, etc.
Regards
Thanks for that. Ltv 80% mortgage 131k. Salary 35k, outgoings before mortgage about 700 a month so affordable from my perspective just anxious about being turned down and showing on credit file.
It's difficult to say for sure without checking your credit file in advance and ensuring you fit the lender's criteria before you apply (something both my firm and Ryan's would no doubt do). If that's been done by your broker (I don't know them so I can't comment) then you should be ok. I would never encourage you to be dishonest with your answers on an application however, even if you are encouraged to.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
I've had confirmation from broker (l and c) that nationwide will approve if Iva ended over 3 years ago as long as no issues with credit score. So application submitted and fingers xd! Thanks for replies
foreverbroke wrote:I've had confirmation from broker (l and c) that nationwide will approve if Iva ended over 3 years ago as long as no issues with credit score. So application submitted and fingers xd! Thanks for replies
Best of luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi heard today that lenders need to see Iva completion certificate and also some detail about reason for debts. There wasn't a specific factor but an accumulation over several years of borrowing to cover living expenses and consolidating debts and accruing more. There were factors that contributed such as several bereavements in a short space of time and living in rented accommodation and having to cover costs for whole tenancy and bills whilst people moved in and out. Is this what lenders need in terms of info? Is there any advice re what I provide to support my mortgage application? I have a current car finance agreement with no arrears since June 2015 and a credit card since last April with £300 on it again no arrears. Any advice greatfully received so that I can provide the appropriate information as soon as possible to hopefully get mortgage approval.
foreverbroke wrote:Hi heard today that lenders need to see Iva completion certificate and also some detail about reason for debts. There wasn't a specific factor but an accumulation over several years of borrowing to cover living expenses and consolidating debts and accruing more. There were factors that contributed such as several bereavements in a short space of time and living in rented accommodation and having to cover costs for whole tenancy and bills whilst people moved in and out. Is this what lenders need in terms of info? Is there any advice re what I provide to support my mortgage application? I have a current car finance agreement with no arrears since June 2015 and a credit card since last April with £300 on it again no arrears. Any advice greatfully received so that I can provide the appropriate information as soon as possible to hopefully get mortgage approval.
Can't say that I have heard of this before. Maybe Ryan or Shaun will know better.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
These days if you go direct to a Lender there is normally an 'interview' prior to making the mortgage application. We've heard that many things can be requested during this that often aren't required for the Mortgage application itself - quite a lot of it is to do with affordability and monthly expenditure but they can often request other items such as that mentioned. It will vary from Lender to Lender.
Going through a Broker is normally a different process.
Regards
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
Hi just to update mortgage approved and looks like we will be moving into our new home soon! So there is life after IVA and it doesn't mean you can never be considered by high street lenders. What a relief though!
foreverbroke wrote:Hi just to update mortgage approved and looks like we will be moving into our new home soon! So there is life after IVA and it doesn't mean you can never be considered by high street lenders. What a relief though!
Congratulations. Great news!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
