mortgage after iva completed

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Hi
My Husband paid off his IVA around 3 years ago, and the 6 years anniversary is in May this year.
We are hoping to be able to get a mortgage and have already found a house we want
Do the banks still count IVA's after 6 years, does anyone know how difficult it may be to get a mortgage in May?
The house we want is my sisters and so we are hoping they could put up 10% deposit and we may have around £10,000 deposit. The house is £100,000.
I hope someone can give us an idea of weather we could get a mortgage, im getting excited about buying our first home and really dont want to be let down!
x

Comments

  • Foxy-Stoat_3
    Foxy-Stoat_3 Posts: 2,980 Forumite
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    Forget the high street banks as they will look on your situation as if you were BR'd, it wont matter that your husband paid it off early, go to a whole market broker and give him all the details. Do a credit search on each of you to see what your credit file looks like FIRST. You dont want a number of hard searches by banks/lenders on your file.

    You will need more than 10% deposit I should think, more like 20-25%.

    IVA information will drop off the credit file after 6 years from the start of it, but theres a question on the mortgage application that asks if the APPLICANT has ever been made insolvent or BR'd.
    "Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!
  • katiemay_2
    katiemay_2 Posts: 113 Forumite
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    I was advised by CCCS that I do not have to declare that I have been made insolvent or bankrupt after going thru an IVA so it may be worth checking that point out???
    Just completed my one-time IVA :D
  • FoggyBrain_2
    FoggyBrain_2 Posts: 1,121 Forumite
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    CCCS are asking you to trad on very thin ice there and I am surprised they are offering such advice! If you are asked the question, "Have you ever been made insolvent or bankrupt", you have to answer "Yes"!

    If you reply "No", you are commiting fraud and obtaining money by deception. If the lender finds out ( and they might well do) they can withdraw their offer.
  • katiemay_2
    katiemay_2 Posts: 113 Forumite
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    Well thats why I asked them specifically - but based on the advice I've read here I will call them again to confirm. Thanks.
    Just completed my one-time IVA :D
  • oozysuzy
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    Im not very up with financial stuff, what is cccs?
    We should be able to get 20% deposit, and we were thinking of going to our bank first( nationwide) because we have been with them since the beginning of the iva and they will be able to see our bank records etc and see that we can actually afford the mortgage? or does that not come into the equation?x
  • FoggyBrain_2
    FoggyBrain_2 Posts: 1,121 Forumite
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    oozy --CCCS is a charity organisation that advises on debt and prepares debt management plans. Their sister company CCCSva deals with IVA's.
  • oozysuzy
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    ok thanks foggy,i might have a look at that on google!
  • GPF
    GPF Posts: 33 Forumite
    First Anniversary Combo Breaker
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    I am in a similar situation to yours, my VAR was completed in 11/2005 & am now looking for a mortgage.
    Is it also possible to remove the Notice of Correction on any credit info (equifax etc), as it is over 5 years or should it automatically be removed?
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