IAV ended now need mortgage?

GlamGirlie

hi

My IVA ended June 2012 (satisfactorily, started May 2007) and we now need to get a mortgage.

I've been told by our broker that Halifax will accept me however they only offer a 2-year fixed (Help to Buy) whereas we'd like a 5-year fixed.

Nationwide provides a 5-year fix under the Help to Buy, but the broker is concerned we wouldn't be accepted.

Does anyone know Nationwide's policy on this, please?

Thanks!

PS - I'm also posting this on the mortgage board in case it's a better place.

Foxy-Stoat_3

Being an ex IVA'er you are not going to be able to choose too much, if they offer you a 2 year deal then take it.

I had to drop 25% on my first mortgage a year after my IVA finished, so unless the lenders have relaxed the criteria for HTB schemes then you may be on a long wait.

Keep us updated if you do manage to get a mortgage accepted with only 5% deposit.

UpToMyNeckInIt

Just thought I would resurrect this thread to post this account of an ex-IVA customer securing a substantial mortgage with only a 10% deposit:

http://www.iva.co.uk/forum/topic.asp?whichpage=1&TOPIC_ID=66197&#555016

...Lots of 'normal' people cannot even get that.

Just shows the worth of a good broker.

overlander

Started may 2007 there will be no record of it. The default dates would be around May 2007 and drop of in 6 years.

GlamGirlie

Hi,

I've just seen this post has been resurrected and Foxy Stoat requested I keep you updated as to whether we were successful.

Anyway, we applied to Nationwide initially as we wanted the 5 year fixed, but after 3 weeks had heard nothing.

We got fed up of waiting and went with Halifax as we only had 28 days under H2B scheme to confirm we had an offer in place.

Halifax offered AIP within 2 hours and had ordered the valuation within 48 hours. We received the formal offer less than 2 days after that.

We are now all set to move having paid 5% deposit, mortgage fees, carpet & appliance upgrades etc and are just waiting for the developer to confirm the NHBC inspection date.

It can be done, people!

GlamGirlie

overlander wrote: »

Started may 2007 there will be no record of it. The default dates would be around May 2007 and drop of in 6 years.

My problem was they didn't - the lenders had incorrectly updated 'start' dates meaning they didn't drop off when they should... I had to go back to HSBC three times in the end (and another lender, I can't recall which) once, to get the start dates changed back to 2007.... and all courtesy of advice I got on here, so thank you MSE'ers. :T:T