Applying for mortgage
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Mattib0110
Posts: 34 Forumite
in IVA & DRO
Iva just dropped off record, payed off early in 2013, started in 2010, will I have any troubles getting a mortgage? Have many people tried with any luck?
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Hi,
It depends on a whole host of things, your credit history, affordabillity, your outstanding credit commitments, electoral role information, are you what the lender is looking for, plus 1000 other things.
The IVA will of gone from your file, so it's a non issue.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Will they have no way of finding out about iva, I earn enough, have good deposit, no credit what so ever or probs with credit report just on my score it states poor so worried might cause issue0
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Mattib0110 wrote: »Will they have no way of finding out about iva
They can ask you, cant find the wording but I think they ask more than just 'have you ever been bankrupt' now to include other debt solutions0 -
Have you ever been declared insolvent.
Have you ever been subject to an IVA?
Statements like those should be fully expected and appear common place on mortgage applications. If asked always declare.0 -
Hi,
my 6 year iva finished in December 2015, and i completed with Barclays/Woolwich via a broker a month ago. They new about the IVA, which has to be disclosed if asked for but i had little issue.
You need a good broker used to dealing with such as us though...that's my thoughts anyhow but you could try with the same company i did on your own. I got a 2.5% fix for two years with legals included on a remortgage.
But as others say it depends on your reports and wages etc.
I had 1K on credit cards which they weren't bothered about.
Brokers do charge a little more when dealing with past IVA's but I got a sound, off the high street, deal.
good look0 -
Mattib0110 wrote: »Iva just dropped off record, payed off early in 2013, started in 2010, will I have any troubles getting a mortgage? Have many people tried with any luck?
I secured a mortgage 6 months before my IVA dropped of my file, had to use a broker, high fee, 25% deposit, high street lender and low rate, that was 5 years ago now.
Do this for 2 years then you should be able to go to the high street on your own.
If you have a 20-25% deposit then you should be able to get a reasonable rate.0 -
I have 40% deposit so hopefully that will help in my favour, earrings are good but been self employed makes it harder0
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I managed to get a 3.3% 5 year fix remortgage and removal of ex wife while I was still in my IVA. The Coventry were really helpful and although the computer said no the customer service agent spent hours building a manual case for me to present to the underwriters that they accepted0
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