How to get a mortgage post IVA

bigmouse

Hi all

I entered into my IVA in Dec 2005 and received my Certificate of Completion in Feb 2011.
Since then me and my wife have managed to scrape together £15000 as a deposit for a house by saving and PPI reclaiming. We have been renting for 7 years and a desperate to move and purchase our own home. She has never had a problem obtaining credit and has a good score - mine is not too bad on experian and equifax and is improving.
I have just got off the phone in shock after speaking to London & Country who have told me that they know of no mortgage provider who will entertain lending to anyone who has had a completed IVA in the last THREE YEARS!!!!!!
Surely there will be a provider out there who would look at us as we wish to borrow a lot less than what we could using all the calculators on the lenders websites.
I am reluctant to apply with no foreknowledge as this will adversely affect my/our credit scores.
Can anyone help us in any way please???

Depth_Charge

Hi bigmouse

Im not sure there is an easy answer to this, lenders seem to very careful (if that is the right phrase) about advancing monies to anyone, even those with squeaky clean pasts.

Also point taken as to the reluctancy to apply.

Maybe an adverse lender high interest set up somewhere and all that goes with that.

Do you know anybody in the banking / lending business for a informal / tentative like approach maybe?

Tricky

Not much help but thats about it.

Best of luck anyway

Swervey

Hi

I'm in the same situation as you. I entered into an IVA in 2005 and completed last year. Currently no major lender, Halifax, natwest, Santander etc will not accept any mortgage offer from applicators who have had an IVA EVER! Is was a big shock to me as I was advised (from a number of people) that after 6 years any reference of an IVA is cleared from my credit file. I checked on all major credit reference agencies and made sure my file was up to date. My file on all of them is now clear of any defaults or references to the IVA but still I was turned down on 2 occasions for a mortgage. Apparently there is a insolvency search (in addition to a credit score search) that holds information on bankruptcy and IVAs that companies use, my information will be held here forever. There are companies who will lend to you if you've had an IVA but only if it's been 3 sometimes 6 years since the IVA has finished.

I'm currently speaking to an advisor who is looking into whether or not anyone will lend to me and I'm due to hear back from him tomorrow. I shall share my info when I get it.

I would also like to speak with the person in the other forums about the IVA.

Good luck

FoggyBrain_2

OK -- I can only get banned once, I guess. His name is Ryan Radford and his firm is [FONT=Verdana, Arial, Helvetica]www.zebramoney.co.uk . You can mail him using the addy "ryan@ .... the company above".
[/FONT]

Anondebtadvisor

Thank you Foggy - i am sure that will help many in a similar position :-)

I dont understand why you would be banned Foggy?

I would have thought the whole aim of a forum such as this is to help, advise and point posters in the right direction of those who can.

FoggyBrain_2

Apparently some posters don't agree, Anondebtadvisor, and have been whispering in corners about my numerous references to other sites, so I am trying to stay schtumm.

BillyWilly_2

Foggy,
I contacted the advisor you mention and was asked to fill out a form on the website.

Unfortunately that was 2 months ago and still haven't heard a thing from them.

I spoke to another broker and he found me a deal within days with a new bank called Aldemore Bank. as long as you have a clean credit report proof of earnings and approx. 20% deposit they seem happy to take me on.

It was as though they looked at my current position moving forward rather than past failings like most other banks and building societies.

FoggyBrain_2

Hi BillyWilly ... that's interesting. And a useful contact to file away, should anyone else need help.

I like the way they do seem to be looking forward, and never really understood the bank's views of IVA'ers ! One) the banks themselves have the biggest IVA going. Two) we have proved we can live to a sensible budget and Three) if you fail payments they have the property as security in any case (probably with an indemnity insurance payout too).

bigmouse

Ok - Lloyds wont consider us because my IVA finished in Feb 2011!
Does anyone know of a high street lender who will consider an applicant for a mortgage who is less than 3 years clear and has a 10% deposit against a purchase price of £150,000.
IVA creditors included HBOS - c cards x 2
Nationwide - personal loan
RBS (Lombard) - personal loan

Contracts_Engineer

i presume exactly the same criteria would apply if you had been declared or declared yourself bankrupt?

Foxy-Stoat_3

OP, try a whole of market broker who has placed a mortgage with a previous IVA in the last 12 months. No point trying any high street lenders yourself.

I'd expect you need to go to them with a 20-25% cash deposit tho so you may need to save a bit more.

I had a mortgage arranged through a broker just over 12 months ago and ended up with one of the high street lenders Swervey mentioned, 22% deposit, IVA finished 8 months prior to the mortgage starting.

Good luck.