Mortgages and IVA's

Wifeofjock

Are there any companies out there who provide mortgages for people who have had an IVA? We have been free for a year now and went for a mortgage with Lloyds everything was fine and contracts concluded. Mortgage then went to underwriter and was declined as we have not been clear of IVA for 2 years.

Dave_Ham

I wish you would have posted in advance of seeing Lloyds, that is their policy.

Bank and Building Societies treat ex IVA clients with different policies. Most of the mainstream banks are in the same position as Lloyds, although packaged well some Building Societies will consider an application, depending upon other variables.

Deposit, income, employment type, recent history and the property itself are all factors and suggest you first off get your Experian and Equifax reports in case anything more recent has cropped on there.

This is achievable subject to the above, but probably will require a broker and expect to pay a fee..

Good luck

Wifeofjock

If that is their policy surely the person who sells mortgages should of known? We are now facing being sued by the vendors as he told my solicitor it was ok to go ahead. We are first time buyers just looking for 80%. Husband is ex service man. We have a broker now and she is suggesting specialist lender. We have registered with credit expert and both have scores in the 900's.

Dave_Ham

Are you telling us you have exchanged?

I agree, they should have known their policy, assuming you were honest and upfront about it..

Specialist lender should not mean huge fees and stupid rates.

When the broker comes back with a kfi, look at fees and rates and post on here before you go ahead and can ratify quickly for you..

Good luck

Dave_Ham

Oh and your Experian scores are completely and utterly irrelevant. It is the content of them and not some fictional score that is determined by factors different to what lenders use

Wifeofjock

Yep solicitor signed on our behalf on his say so. He is an experienced advisor over 20 years. We were up front and completely honest with him from the start. Credit score came back with highest rating. I'm so scared we are going to lose all our money. We are in Scotland so think it's different when buying a house here.

Wh05apk

Wifeofjock wrote: »

If that is their policy surely the person who sells mortgages should of known?.

You would have thought so, but they are heavily targetted on appointments, and applications, far less so on technical knowledge, they will still be paid this month, a self employed broker only gets paid on completions, so will not waste your and their time unless they are confident the case can be agreed.

Wh05apk

Wifeofjock wrote: »

Credit score came back with highest rating. .

Goes to show what a complete and utter waste of time "credit scores" are from these companies, how the hell can they give you "the highst rating" with IVA's?

Wifeofjock

Our credit reports are clear we owe nothing to nobody.

Conrad

Wifeofjock wrote: »

Yep solicitor signed on our behalf on his say so. He is an experienced advisor over 20 years. We were up front and completely honest with him from the start. Credit score came back with highest rating. I'm so scared we are going to lose all our money. We are in Scotland so think it's different when buying a house here.

In your situation the broker should have arranged you exchange and complete on same date. Classic case of yet again a broker not knowing what they're doing.

Wh05apk

Conrad wrote: »

In your situation the broker should have arranged you exchange and complete on same date. Classic case of yet again a broker not knowing what they're doing.

Are you looking at the same thread Conrad? A broker was not used, just the inbranch sales person, also exchange/completion is down to the solicitor not the broker, so can't see how you can use this case to push your crusade for fee charging brokers