Ex IVA but want to get a good mortgage deal?

mortified_penguin

Please could someone help? I am sorry if this has been discussed before, done a search but couldn't find anything (although I am new to this!)

I was in an IVA for 3 years and paid off early by releasing equity in house. I need to move house and I'm worried that I will still be penalised even though the IVA was completed in September 2005.

I have bought my credit score for £4.99 from experian and it is 727 which is 'fair'. It is showing on there that the IVA is complete although some of the creditors are still showing that I owe money rather than balance satisfied! (I am sending them my certificate of completion and asking them to amend their records with the credit reference agencies)

Can anyone tell me of any good deals I may e able to get?

Thanks very much

craigmc

mortified_penguin wrote: »

Please could someone help? I am sorry if this has been discussed before, done a search but couldn't find anything (although I am new to this!)

I was in an IVA for 3 years and paid off early by releasing equity in house. I need to move house and I'm worried that I will still be penalised even though the IVA was completed in September 2005.

I have bought my credit score for £4.99 from experian and it is 727 which is 'fair'. It is showing on there that the IVA is complete although some of the creditors are still showing that I owe money rather than balance satisfied! (I am sending them my certificate of completion and asking them to amend their records with the credit reference agencies)

Can anyone tell me of any good deals I may e able to get?

Thanks very much

Hi There

I was in a similar position to you. In 2004, I sold my previous house, whilst being in an IVA, I paid £11K to my creditors as full and final settlement

The insolvency firm actually put me forward for a mortgage with the Chelsea Building Society, although I have recently changed to SPML.

You could go back to the firm who were controlling your IVA and ask the question. Othewise any broker could probably help these days!

cheers

mortified_penguin

Hi, thanks very much! I am also with the Chelsea, was on a prospect mortgage for 12 months but now just on the standard variable rate. They have actually offered me a reasonable 2 year fixed deal but really want to see what else I can get.

Also not sure whether to keep with an interest only option I have now or change to a repayment mortgage but I suppose this is a discussion already ongoing somewhere in another thread...

shameless-about-money

You will still be able to get a mortgage of 90% at a rate of up to 2% above the base rate.

You need to see an independent mortgage advisor for this.

AndyWallace

if you get the credit files sorted out first then some high street lenders will most likely consider your mortgage, but it does depend on your individual circumstances.

best to see a broker.

andy.

shameless-about-money

The credit files shouldn't make a difference to the lender - even a discharged bankrupt can get a mortgage!

AndyWallace

shameless-about-money wrote: »

The credit files shouldn't make a difference to the lender - even a discharged bankrupt can get a mortgage!

Try getting a mortgage from Abbey with a 2 year old satisfied CCJ showing unsatisfied on the Experian report. Then try again once the mistake is rectified.

Andy.

shameless-about-money

I woudn't recommend any of the high street lenders when in an IVA, after an IVA or post bankruptcy.

AndyWallace

shameless-about-money wrote: »

I woudn't recommend any of the high street lenders when in an IVA, after an IVA or post bankruptcy.

MPLC Superlight then?

Mr_helpful

I would have thought the Abbey was worth a shot. I do quite a lot of adverse with them as long as its not fresh adverse they can be ok but I would get as much sorted out as possible.

MortgageMamma

Honda-Accord Mortgages or Keb-Abbey may do this. Royal Banquet of Snotland might do it too. Remember though, use a broker, as mutliple credit checks will shoot your credit rating to bits

MM