Shared Equity Mortgage - Post IVA

2naughtycats

Hi,

I completed my IVA 6 months early in Dec 2009, since then no debt issues what so ever. I have a mobile phone contract and a credit card which is paid off in full every month (this was done to help my credit history). Credit files were cleared up as soon as this finished and as far as I can see there are no issues there.

Naturally I want to move on with my life and my husband and I are looking into buying our own home via a shared equity scheme under a 70/30 split. The scheme operates by us proving a 5% deposit on the 70% share. They also stipulate that we will need to go to 1 of 2 lenders, hence we probably not be able to go through a broker. Now as I've previously had an IVA I am very doubtful that we will be granted any mortgage at all in a post credit crunch world.


Has anyone had any experience in this at all? Not that I would ever try to deceive a potential mortgage lender by hiding the fact I have previously had an IVA, but does anyone know how they would obtain that information in their searches? I have an appointment with 1 of the lenders next Wed just for a 'chat' and 'general guidance' I have categorically stated that at this stage I do not want a credit check done, as I don't want this footprint on my file early on. I am prepared to go and just be honest and see what she says, but my Husband says no, don't say anything. I know I will go there and be nothing but honest, even though I am 100% sure that when I tell them about the IVA they will smile sweetly and show me the door...

Any advise would be appreciated

Thanks.

lizisintrouble

The IVA will stay on your file 6 years

Thread from last year regarding a simular issue

https://forums.moneysavingexpert.com/discussion/3536831

Maybe worth asking on the mortgages board too
Good luck