Mortgage advice following completed IVA

Infested_Nash

Newbie first post.. Be gentle

We finally completed our 6 years of an IVA in May 2012, and were keen to move house as my salary had increased and since completion had no outgoings apart from existing mortgage and a mobile phone contract. We have never missed a payment on our mortgage nor on the IVA or phone contract.

I had the IVA removed from Experian & Equifax but found I had a CCJ from 2008 for £118 (No clue what for) Experian score 935 so thought I would have no problems getting a decent mortgage deal through a broker (A trusted one at that)

With a combined income of £57,000 and no existing credit or dedt you would think that they would be falling over themselves to take my money but not so.... they seem transfixed with the past IVA and not prepared to give us a chance.

Appreciate I got in a mess with money in the past but have served 6 years punishment and got back on track with a clean slate and want to start again but it appears the lenders are not interested.

I am new to the site and would love any advice from anyone with similar experiences or how to get moving again...

Thrugelmir

Infested_Nash wrote: »

With a combined income of £57,000 and no existing credit or dedt you would think that they would be falling over themselves to take my money but not so.... they seem transfixed with the past IVA and not prepared to give us a chance.

By entering an IVA the finance houses they lent you money took a hit. Why should they want to take the risk again so quickly. By lending you more money.

With a good income and no debt other than the mortgage. You now have the opportunity to overpay your mortgage. Creating your own equity. While at the same time letting your previous credit history fade into the background.

Senior_Paper_Monitor

New mortgage just out of an IVA is not going to happen this side of 12 months - and then it is likely to be expensive.

Mr T has hit the nail on the head - make wise use of the impressive income in the next couple of years.

Infested_Nash

Thanks for the reply but excuse my ignorance but do you mean, pay more per month on my existing mortgage ???

Thrugelmir

Infested_Nash wrote: »

pay more per month on my existing mortgage ???

Correct.

It'll instill a good financial discipline into you.

Dave_Ham

Forget worrying about the IVA, the CCJ registered in 2008 is the dealbreaker here.

Interested in what sort of deposit you have and if this is a purchase or remortgage.

You absolutely need to research the detail of this CCJ, as this is what is killing it.

I have personally achieved many ex IVA clients mortgages, but the CCJ is the issue.

Is it showing on Experian and Equifax?

You honestly need to start with the CCJ and by all means come back and let us know..

Good luck

Infested_Nash

Dave_Ham wrote: »

Forget worrying about the IVA, the CCJ registered in 2008 is the dealbreaker here.

Interested in what sort of deposit you have and if this is a purchase or remortgage.

You absolutely need to research the detail of this CCJ, as this is what is killing it.

I have personally achieved many ex IVA clients mortgages, but the CCJ is the issue.

Is it showing on Experian and Equifax?

You honestly need to start with the CCJ and by all means come back and let us know..

Good luck

Thanks Dave Ham.. You have given me some hope....

It is a purchase with around £45k equity in our current property and looking to lend around £160k over 25yrs...

My current broker states the CCJ is not an issue as only for £118..

The CCJ is still showing on both Experian & Equifax...

Dave_Ham

Your broker is wrong, I deal in difficult cases every single day and it will be the CCJ and poor choice of lender

Granted the IVA is a hurdle and the amount is not significant on policy basis - but it is on credit scoring..

Your deposit is fine, subject to other variables like income this is achievable.

Incidentally, which lender refused your application?

Wh05apk

I would have said the IVA is the issue here, literally just out I think you will truggle, a 3 year old "small" ccj can be overcome, but an IVA will exclude a lot of lenders straigt away.

Dave_Ham

I understand the sentiment, but the lenders who would allow the IVA situation will be thrown out by the CCJ.

The IVA is fixed and confirmed and will not be changed so has to be dealt with as such.

If the CCJ should have formed part of the IVA then it changes the parameters, or if it has been lodged in error (unlikely but you never know)

My initial statement remains the same, the IVA is a hurdle the CCJ remains the dealbreaker - especially where too much is unknown..

Infested_Nash

Update... I have just spoken to the Court holding the CCJ and they have given me the details of the initial debt, it was with Next and a company called Moorcroft, I have spoken to them and they have confirmed that the debt was cleared in 2008 !!!!! But never automatically updated to the court....

They are sending me the letter of completion which I will send through to the court to have removed.... Unbelievable....