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Getting a FTB mortgage after an IVA
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Hiya
Not sure if this is the right place for this, so feel free to move it if needs be.
Havng been discharged from my IVA (long story short - had to take on out due to illness, couldn't do BR because of job) for 18 months, getting married this year, and having saved like a minx, I am ready to buy my first place.
I am having real nightmares about mortgage application forms though - the questions regarding credit history are making my head hurt.
E.g. - "Have you ever defualted on a loan/been made bankrupt/had an IVA/made a payment arrangement" - fine, I can answer that question with no problem and put some further detail around why.
The next question is the one that makes my head hurt:
"In the last X years, have you had any adverse credit/credit problems" (with X being any figure from 1 to 6 depending on the lender). What do I say? My IVA was agreed in 2002, finished 2007. My credit file is clear. Do I say yes or no? Part of me says "say no - your IVA was AGREED in 2002. YOu didn't miss a single payment. You have been successfully discharged. You havn't had any credit issues since 2002. Your credit file is clear." The other part of me then says "say yes - you were IN an IVA 2002-2007."
Does anyone have any experience of how to complete these questions without having your head explode? Any guidance much appreciated!
Not sure if this is the right place for this, so feel free to move it if needs be.
Havng been discharged from my IVA (long story short - had to take on out due to illness, couldn't do BR because of job) for 18 months, getting married this year, and having saved like a minx, I am ready to buy my first place.
I am having real nightmares about mortgage application forms though - the questions regarding credit history are making my head hurt.
E.g. - "Have you ever defualted on a loan/been made bankrupt/had an IVA/made a payment arrangement" - fine, I can answer that question with no problem and put some further detail around why.
The next question is the one that makes my head hurt:
"In the last X years, have you had any adverse credit/credit problems" (with X being any figure from 1 to 6 depending on the lender). What do I say? My IVA was agreed in 2002, finished 2007. My credit file is clear. Do I say yes or no? Part of me says "say no - your IVA was AGREED in 2002. YOu didn't miss a single payment. You have been successfully discharged. You havn't had any credit issues since 2002. Your credit file is clear." The other part of me then says "say yes - you were IN an IVA 2002-2007."
Does anyone have any experience of how to complete these questions without having your head explode? Any guidance much appreciated!
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