www.iva.co.uk

Hi,
I had an IVA which i ended about 2 years in, Having requested my credit file from all credit agencies It has now dropped off my record and am now obtaining credit through a high street bank, However I recently applied for a mortgage with them only to be told that as I had an IVA in the past and even though its not on my file anymore i cannot apply with them. Is this going to be a common problem I am going to encounter ? Thanks

There are Mortgage advisors on here who specialise in helping ex IVAers I think he is called Ryan and details are in the ask the experts section, loads of happy customers have posted on here

Some banks do discriminate but others do not. Use a specialist broker like Ryan who was mentioned above or Shaun Vickery who know the market. Their details are in the ask a question section.

Ryan comes highly recommended and has helped so many forum members gain a mortgage - his contact details are on his profile page ..give him a call !

Hi Markdg15,
Most lenders would like you be clear for 6 years but I have lenders prepared to lend to 95% if you are clear of the IVA for 3 years or 70% regardless of when you cleared it.
Regards
Steve

Hi Steve.

I take it that's 6 years from the start date of the IVA?

Hi

When did your IVA start ? was the question asked " have you ever been in an IVA ?"

Regards

We have two highly recommended mortgage experts who post on the forum, Ryan and Shaun, give one or both of them a shout to get some professional advice. They've helped a fair few posters get on the property ladder post IVA.

Can be contacted from ask experts a question link to the left and scroll down until you find their contact details.

Markdg15,
I am sure this is something i can help you with. Please get in contact, my details are below

Hi Hubert,
No 6 years from the date of discharge.
Some lenders will consider applicants after 3 years and one will lend up to 70% even if the IVA is still running.
Regards
Steve

Hi Steve

What interest rates and costs are involved with the lender offering 70% LTV mortgages for current IVA clients ?

Regards

Hi Andy,
At 70% the IVA must have been satisfactorily conducted for 24 months and the rate would be LIBOR + 6.9% so about 7.4%
At 65%, 12 months satisfactorily conducted and LIBOR + 6.5% so about 7%.
Valuation will depend on the purchase price or estimated remortgage valuation but ranging from £379 to £789 up to £1m property value.
The fee charged by the lender is 1.5% of the loan amount to a minimum of £995.
Regards
Steve

Hi Markdg15,

As you have found out, just because it is not on your credit file, does not automatically mean lenders will lend to you.

Make it very clear at the beginning of the mortgage application you had an IVA and are they OK with that?

Regards
Steve