Mortgage after completed IVA

djp80

Hi There,

I am currently in the process of cleaning up my credit file before I start applying for mortgages. I completed my IVA in December 2013.

My husband has a good credit rating and not much debt and I earn a good salary with no debt other than mortgage and student loan.

I just wondered if anyone had any advice or tips before we start to apply. I have heard that it can be better to go through an intermediary and that certain banks/building societies are better than others.

We have approximately 15k equity in our current house and at least 20k cash deposit so not masses. Are we going to get really stung with interest rates or if my credit file is clear do we stand much of a chance?

I was thinking of getting a credit card to boost my rating, but have heard that it can go against you if you get the wrong type of credit card I.e. Ones for people with past credit problems.

I have a joint account with Natwest currently and didn't know if it was worth speaking to them, but feel it is unlikely they will give me one, maybe best to wait until credit file sorted. I have 3 incorrect default dates from creditors who purchased debts from the people I had the loans and credit cards from originally and they are not showing as satisfied yet.

Any advice would be gratefully received.

Thanks

Deb

Foxy-Stoat_3

I waited for about a year before applying for a first time mortgage after my last IVA payment. Got standard rates via a broker who placed it with a high street bank that had previously said no.....although this bank wouldn't even give me a current account.

Speak to your existing lender first, then one whole of market broker who has placed an ex-IVA person in the last 6 months. Expect to pay higher fees but after the fixed term is up you should be able to re-mortgage quite easily.

Making regular payments on credit cards can only help you rebuild your rating, not sure if some credit cards are looked on unfavorably or not.

As you already have a mortgage then that should make it a little easier, unless your trying to get a 95% mortgage or something.

Good luck