Mortgage after IVA completed

nolongerinthered

HI,

this has probably been asked loads of times before, but does anyone know a specific bank or building society that will provide a mortgage to someone who's had an IVA?

My own bank (Santander) wont give me one, despite my IVA having finished 13 months ago and me having a 10% deposit. Although halfway through my IVA they gave me an account, and an overdraft!!

It will be a joint application, the other person has never had an IVA.

Any help much appreciated

Thanks

Foxy-Stoat_3

Use a whole of market broker who has actually placed an ex-iva person in the past 6-12 months.

Computer will say no if you walk into any high street bs or bank.

Oh and you will need in excess of 20% cash deposit before finding a place.

Good luck !!!!

Aidanb_2

Hi,

Sorry to tag on to the post but would that even go for someone who's iva and defaults have dropped off? And clean credit file?

Regards

Aidan

Foxy-Stoat_3

Aidanb wrote: »

Hi,

Sorry to tag on to the post but would that even go for someone who's iva and defaults have dropped off? And clean credit file?

Regards

Aidan

Yes, well it was for me.

carlislelass

Foxy-Stoat wrote: »

Use a whole of market broker who has actually placed an ex-iva person in the past 6-12 months.

Computer will say no if you walk into any high street bs or bank.

Oh and you will need in excess of 20% cash deposit before finding a place.

Good luck !!!!

How do you find a broker?

Dave_Ham

This is almost my joker round subject...

There are lenders that will accept ex-IVA, subject to circumstances of course.

Always see a broker for the first mortgage post IVA though as there are many variables to consider, as the above poster said.

There are some with 15% deposit's out there and even 1 lender that will consider 10%, but with very rigid income multiples on this.

Also, never approach a bank that was part of the IVA even if asked that the information is off the credit files, as they hang around on the internal systems for longer. This includes "within group" mortgages like Lloyds and Halifax now...

All the best

Foxy-Stoat_3

carlislelass wrote: »

How do you find a broker?

Found mine on a google search, yellow pages etc etc.

yorkshire_terrier_owner

My IVA and associated defaults dropped off my credit reference in Nov last year. I went to see a whole of market broker to ask about a 90% mortgage. I have been in the same job for 11 years, same house for 8 years, have made sure my credit refs are in tip top shape (on electoral roll and everything correct etc), and got a credit card that I pay off in full monthly. I received successful Decisions in Principle from Santander (Dec 11) and Skipton BS (July 12) (neither of whom were creditors in my IVA).

That is not to say that if I applied now I would still be successful as lending criteria has tightened over the summer.

Just need to sell the damn house first, but that's another story!

Hope that helps!

Foxy-Stoat_3

Is that after disclosing you have been in an iva?

techno1029

The annoying thing with Ex- IVA etc been a blot on your credit is that I would expect most people who have gone through the IVA procedure to be more careful with their finances than those who have not. I for one as an Ex IVA er am so careful when it comes to money now....I go out of my way to ensure whatever i do is total value for money. Me and credit will never cross swords again!!!!

Foxy-Stoat_3

techno1029 wrote: »

The annoying thing with Ex- IVA etc been a blot on your credit is that I would expect most people who have gone through the IVA procedure to be more careful with their finances than those who have not. I for one as an Ex IVA er am so careful when it comes to money now....I go out of my way to ensure whatever i do is total value for money. Me and credit will never cross swords again!!!!

Thanks the problem with the "logic" the banks use when lending money.

They see a person being thru an IVA as a negative thing as they haven't paid their debts so more likey not to pay them in full again. The true fact is that yes, the person hasn't paid their debts but hopefully has learnt the value of money and how to manage it. A lesson that sadly isnt taught in schools!