www.iva.co.uk

Hi.

Has anyone post IVA been able to get a new mortgage to enable them to sell current house and move to a bigger one?

I am so worried as our house is getting smaller for our growing family and really need to try and sell it and move to something more suitable.
I feel so sorry for one of my sons as his bedroom is only big enough to have his bed in, he cant even get dressed in there as there is no room.
I am full of guilt, as us being in an IVA is restricting us from moving on and my kids are suffering as a result.

Is there a light at the end of this long tunnel for a brighter future for all of us??

Yes, it has been done -- usually with the help of one of our forum mortgage experts, Ryan or Shaun, whose details can be found under the "Ask a Question" button ( top left) and scrolling down the page.

Thanks Foggy,
Would we never be able to use a mainstream lender again?
My husband have quite well paid jobs so will have a decent income when IVA finishes.

Sorry, I meant my husband and I both have well paid jobs

Once your iva has finished and cleared from your files using a broker such as Ryan or Shaun will enable you to get a new mortgage and with a high street lender ... Patience is needed whilst the iva is on your records though.

Have you considered renting your property out and moving into a larger rented property whilst your iva continues ? Your
IP would have to agree to it but it may just give you some breathing space whilst in the iva.

Yes, you can use mainstream lenders -- a broker will be able to point you at the best ones to suit your circumstances. The longer you leave it post IVA the better your chances.

If you pop into a high street lender and they ask the question "Have you EVER been in an IVA", their reaction will depend upon their own internal policies. But every application will leave a stain on your credit file and will start to ring alarm bells.

Thanks Foggy & luluj
when that question 'have you ever been in an IVA?' Comes up would you say yes if it no longer appears on your credit file?
I have got to be honest I would be tempted to say no!

I understand the temptation, however, obtaining a mortgage by making false statements is fraud and could come back to bite you ...hard!

Your next question, most likely is, "How will they find out?"

Lenders keep their own records and often pool information to combat fraud and it is also possible that one of your creditors is a member of a group of companies which might include your prospective lender or one of their trading partners.

Once a fraudulent application has been found out the applicant(s) will be black listed for the forseeable future.

Christabelle as Foggy points out....dont even consider putting "no" to the IVA question.

Solicitors/Legals involved in applications carry out deeper checks than banks and its not just with Experian et al.

Remember....your IVA record will never dissapear from Court records and these days all lenders participate in "panels" where your financial info is shared amongst them as Foggy said.

Thanks all.

Somehow I cannot help but feel doomed for life by this IVA!!!

Christabelle theres been may posters on this forum who have sourced mortgages/lending following their IVA....especially as others have mentioned via brokers/experts such as Ryan or Shaun.

If I were you I'd certainly speak to them and set the ball rolling...i'm sure they would give you great advice on what current producs/lenders are available and I would imagine also what new products or lending criteria are on the horizon.

Far from ruining any future chances of credit, you are actually well on your way to becoming debt free and eventually clearing your credit file and lets face it there will always be ways and means to secure lending.

Thanks Pennyless. Your words have helped me have some hope for our future.