Getting a mortgage after an 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 (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???

Dave_Ham

Do not worry, this is utter rubbish!

Subject to some other income, property, loan to value details this should be fine now..

You probably made the right call on using a broker, just did not get appropriate advice.

I wish you well...

bigmouse

Will we definitely need more than our existing 10% deposit as this could scupper things big style unless my one o/s PPI claim doesn't come through?

Dave_Ham

Its hard to say without sight of your credit reports and other income, employment data.

It is not impossible, I have achieved ex IVA clients mortgages at 90% but everyones circumstances are unique and also depends who were creditors of the IVA/IVA's..

Poor show from L&C..

roadrunner82

hi,

just thought id let you know there is hope as i am an ex iva.

we have just had our mortgage offer and our iva commenced in jul 05 and is fell off our credit reports last jul.

top tips is to ensure its not on your credit report and you dont attempt to go with a lender who was part of your iva.

good luck

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

samtoby

I wouldn't tackle this alone if I was you. Go dircet to an all of the market broker. Going direct to lenders on the say so of a forum might cause more damage.

MoneySaverLog

bigmouse wrote: »

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

Mine finished around the same time. Did LTSB say it needed to be complete for 3 years? Will they look at the application anytime in the future. I'm in the same boat with HBOS being a previous creditor and think this is going to block me with Lloyds TSB too but hoping time will heal here as I save for a deposit.

Lizard72

Our IVA ended in February 2011 and by April 2011 we were in our own home with a mortgage via a whole of the market broker.....we had a significant deposit due to inheritance but it goes to show there are mortgage products out there albeit at slightly higher rates for bad credit records.

bigmouse

MoneySaverLog wrote: »

Mine finished around the same time. Did LTSB say it needed to be complete for 3 years? Will they look at the application anytime in the future. I'm in the same boat with HBOS being a previous creditor and think this is going to block me with Lloyds TSB too but hoping time will heal here as I save for a deposit.

Yep they said that the underwriters would not currently consider lending to anyone who was less than 3 years clear of the IVA - at least they didnt have to do a credit search before telling us this. The advisors in the bank need to be told this upfront as we went through the rigmarole of doing the application, answering all her questions, getting the AIP and key facts etc only to be told 'it's a no from me!'. My wife was very upset and we had a bust up afterwards - well done LTSB. All this was after I had asked the question re the length of time since my IVA completion as soon as we sat down!!!!
The adviser said sh'e see us in 2 years time!!!

Thrugelmir

bigmouse wrote: »

The advisors in the bank need to be told this upfront as we went through the rigmarole of doing the application, answering all her questions, getting the AIP and key facts etc only to be told 'it's a no from me!'.

Then you need to appreciate how seriously an IVA impacts on your record. Irrespective of cause. A harsh lesson but one I'm sure you'll never forget.

With mortgage lenders easily hitting their lending targets. Very easy for them to be selective with borrowers they offer mortgages to.