Mortgage after IVA

morrison23

Thanks for replying. so i guess we hang in there. i got a vanquis card and a home order catalogue now to help boost my green dots on my file.
Is it essential to send experian my completion cert.?? maybe i will have to ask the,m to send me another copy.
thanks again
Morrison

Foxy-Stoat_3

Just buy a credit check for yourself and make sure all the default dates tally up.

No point buying a credit score as this isn't relevant.

Ike_de_Vike

I am due to to finish my IVA next month and booked an appointment with my mortgage manager at Barclays Bank to get advice on the way forward as I want to purchase a house ASAP. I told him that I knew I had to wait for 6 months after completing my 5 year IVA to get my completion certificate and that as I understood it there will be no trace of my IVA on my credit record with experian, etc. after 6 years from starting the IVA.

He disagreed with the above and said that Experian will retain the information on my credit record for 6 years AFTER my completion date, but this will state that my IVA has been "satisfied".


I have made enquiries with Grant Thornton, a couple of debt advise agencies and Experian themselves but they have all said that it is on my credit record for 6 years from starting the IVA then when I have told them what the Barclays mortgage adviser told me they all went away to speak with colleagues and come back on the line to tell me that he was correct and the information remains on my credit record for 6 years after completion, but stating that the IVA is satisfied.


The Barclays mortgage adviser said that even though I am building my credit profile up by using a Vanquis credit card they would not give me a mortgage until that "IVA satisfied" statement had gone from my credit record 6 years after I have completed my IVA.


He also stated that only specialist mortgage companies would touch me before that 6 years were up. Therefor I am being penalised for a total of 12 years from when I started the IVA.


Does any of you good people out there know if this is true and if so, what sort of interest rates do these specialist companies charge on a 90% LTV mortgage.

Foxy-Stoat_3

No point in talking to the high street at the moment.....the guy is wrong about the information but he probably meant that they wouldn't lend to you until 6 years after your iva finishes.

Very much doubt you will secure a mortgage with a 10% deposit.

Save at least 25% before talking to a whole of market broker.

Ike_de_Vike

Thanks for that Foxy-Stoat.

Much appreciated.

Experian_company_representative

Ike_de_Vike wrote: »

I am due to to finish my IVA next month and booked an appointment with my mortgage manager at Barclays Bank to get advice on the way forward as I want to purchase a house ASAP. I told him that I knew I had to wait for 6 months after completing my 5 year IVA to get my completion certificate and that as I understood it there will be no trace of my IVA on my credit record with experian, etc. after 6 years from starting the IVA.

He disagreed with the above and said that Experian will retain the information on my credit record for 6 years AFTER my completion date, but this will state that my IVA has been "satisfied".


I have made enquiries with Grant Thornton, a couple of debt advise agencies and Experian themselves but they have all said that it is on my credit record for 6 years from starting the IVA then when I have told them what the Barclays mortgage adviser told me they all went away to speak with colleagues and come back on the line to tell me that he was correct and the information remains on my credit record for 6 years after completion, but stating that the IVA is satisfied.


The Barclays mortgage adviser said that even though I am building my credit profile up by using a Vanquis credit card they would not give me a mortgage until that "IVA satisfied" statement had gone from my credit record 6 years after I have completed my IVA.
.

Hi, Ike de Vike
Once an IVA has been marked as completed it will automatically be removed from your report 6 years from the date the IVA started.
So if your IVA has run for 5 years and is now complete, it would only stay on your report for 1 more year.
If you have not yet checked your report you may wish to do so to make sure that the IVA has been updated to show as complete.
Hope this helps.
Neil

Foxy-Stoat_3

You will still need to answer the questions on the application honestly, even if the IVA is off your credit record.

A whole of market broker will be your friend here, ask if they have placed an ex-IVA'er in the last 6 months...but you will need more than 20% unfortunately.

Ike_de_Vike

Thanks for that Neil and Foxy-Stoat.

Why do I need to answer honestly if there is no trace of my IVA on my credit file. Surely what the banks do not know wil not hurt them. Especially when this would just result in me having to get a mortgage off a specialist lender with an inflated interest rate.


I am not a dishonest person normally but I do feel that I have done the right thing by getting an IVA rather than going bankrupt, so having 'done my time' and taken my punishment on the chin I feel that it is unfair that I should be further financially penalised...or possibly even be refused a mortgage.


Surely these companies should be discouraged from profiting on other people's hardship.

Foxy-Stoat_3

Up to you but if you lie or be econmoical with the truth on a mortgage application it will be mortgage fraud, quite a serious offence if they find out.

No reason to lie though, as I got a mortgage secured 8 months after my completion certificate was issued at normal rates and fees.

Be up front with the broker and you will be fine.

Ike_de_Vike

Cheers for that Foxy. I might just do that.