Mortgage after an IVA

thamesclipper

I entered an IVA in 2006 after I got overloaded with PPI and interest payments whilst changing employment. Unfortunately, I got overloaded with bank charges and my banks would not listen to my plight so the only option I found that would help me would be an IVA!
Thankfully, the IVA helped me and I was able to pay off the IVA in full completion within only 3 years.
I kept my head down for a further 3 years until the IVA disappeared off my credit report and I am now in a situation where I have a near perfect credit score and sizeable deposit for a new house. I have no outstanding debts whatsoever.
I have just recently applied for a mortgage in principle through a broker and they stated that I have been rejected by a couple of lenders due to my credit history but have been accepted by one. However, my broker fees will be in the region of £1000-2000!
Can anyone help me with the following questions?
Does the completion of my IVA still affect me and can people access this?
Do I have to use brokers who specialise in helping people with IVA's?
As a first time buyer I am completely new to all of this and just wonder whether anybody out there has any advice as to how I can secure a better mortgage for myself and cut down my costs?

Standy

Did you declare the fact you had gone through an IVA or were you even asked?
Have you checked with all three CRAs as they don't always concur and there could be errors in a file you have not looked at?
Try checking the Insolvency Service to see whether you still show up, I've seen that in other posts on this forum.
There are fee-free brokers listed on the MSE website that don't charge that amount, have you looked them up?
Good luck with applying!

thamesclipper

I contacted a broker that was recommended to me by Experian. I was under the impression that I always had to declare my IVA when applying.

As for the other information I will look into it.

Thanks for the advice.

Foxy-Stoat_3

What is your deposit?

I am afraid you will be hit with large broker fees for the first time, after your fixed rate is up then you can try the High Street for a fees free re-mortgage assuming you never miss a payment and house prices don't drop by much.

Well done for getting an offer and good luck!

ijustwant

can i ask who the offer is with im in a similar situation?

thanks

Foxy-Stoat_3

ijustwant wrote: »

can i ask who the offer is with im in a similar situation?

thanks

Will be irrelevant as you will have to go through a broker to obtain the mortgage and everyone's circumstances are different.

I went to Halifax on the high street and computer said no, but went through a broker and got a mortgage placed with Halifax.

Anondebtadvisor

There is a mortgage broker who specialises on post IVA mortgages on another IVA forum.

I dont think i will be allowed to point you in that direction but search for IVA forum and research the experts on there - you will also see postings where he has obtained mortgages for many post IVA'ers - i would not pay those broker fees you have been quoted!