mortgage after IVA?

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 IVA board in case it's a better place.

kingstreet

No published criteria on this, yet.

It would be subject to credit score, so it's your call on whether a speculative decision in principle is worthwhile.

GlamGirlie

But surely as the IVA is no longer showing on Experian/Equifax/Call Credit, this would pass?

kingstreet

That may well be the case.

You asked about policy and I explained there is nothing published yet, so a speculative DIP would be the only way to find out.

Regardless of whether it is visible or not, if the question is "Have you ever had...?" it should still be answered yes.

Dave_Ham

Why ask a question and then dispute the answer?


In any case, you need to declare the IVA and then Nationwide will refer the case and an underwriter will take a view based upon recent account conduct and the case in general.


Let your broker guide you on the most suitable lender/product in line with your preferences.

kingstreet

Nationwide asks;-

Have you ever been bankrupt or entered into a voluntary arrangement with a creditor?

Have you ever had a county court judgement against you?

Have you ever had a property repossessed?

Not every lender uses the Halifax route of answering no if it's more than six years ago.

GlamGirlie

Thanks Kingstreet, that's exactly what I was after, much apprecaited.

And Dave, I was only questioning, surely you don't necessarily take everything everyone tells you at face value!

Foxy-Stoat_3

My mortgage with Halifax asked about BR and insolvency ever.

I got normal rates but maximum LTV was 75%, keep us updated.

kingstreet

Foxy-Stoat wrote: »

My mortgage with Halifax asked about BR and insolvency ever.

I got normal rates but maximum LTV was 75%, keep us updated.

It asks "ever" but the instruction is to answer yes only if in the last six years.

We have discussed it fairly widely in another thread on here. It's an email I keep specially safely, just in case I ever need to refer to it.

GlamGirlie

Thanks peeps. We're waiting for AIP with Nationwide at the moment as they have a 5-year fix which we prefer, but apparently its gone to underwriters for AIP not just a straightforward yes/no.

Will keep you posted as requested.......

Minx2310

Hi Glamgirlie,

I had an IVA completed in November 2012. I was told by my broker that Nationwide would accept a completed IVA if it had been over one year.I can also confirm we applied to Nationwide and have received an a full mortgage offer with a LTV of 15%. We also went through a rigorous underwriting that took 6 weeks from full application to offer, so be prepared for a bumpy ride.:)