www.iva.co.uk

Hi,

I've just applied for a Mortgage with my wife.
1. Both first time buyer,
2. Buying with a 5% deposit
3. We both passed the Credit checks with flying colours both with a 970 score.
4.The mortgage was with the Principality.

Obviously I had to mention my IVA which ended in November 2012.
As you can probably guess, as a result of my IVA we were refused the mortgage. They told us to try again once 3 years have passed since completing my IVA.

Our adviser rang around many different companies to find someone and all said either no, or try and find out.

I am literally at loss as to why I even bothered to do the IVA if I'm going to be penalized for it (I'm still a little raw as you can tell).

Can any one please help. My credit is good. My work and financial basis is excellent. I just want to buy a home. As it is we're probably going to lose the house we want now anyway.

Thank you in Advance.

Dave

Try a specialist broker such as Shaun Vickery who posts here or Ryan. They would have a better idea who will lend and if the IVA is off your credit file it should be possible although a bigger deposit always helps.

Thank you, I'll look them up.

Hi Dave. It's really frustrating I know, particularly when you have done everything possible yourself. Mike is right that a bigger deposit may help but I've had your email separately and I'll respond to you directly.

If you are borrowing 95% home loan with a 'recent iva past history' then this will damage your chances.On the record I said this to Mole and Ryan here in the past.I am right.You just have to wait a bit longer as informed.
I also guess you are after a help to buy mortgage that is stringent on checks.
A bigger deposit mortgage is your best bet!
I have heard of Principality, the home loan lender, a poster here had secured a mortgage with them after an iva but not 95% LTV.

Don't be conned by the experian 'credit score' assurance thing,it is not A 'credit rating', there is difference.They are OK for smalI loans or c cards only.