Mortgage after IVA

JJ0105

I have a question regarding mortgages after an IVA.

Recently had an IVA drop off my credit file in February. My experian has shot up to 999 and any negatives and adverse credit has dropped off. My equifax and call credit are still in a fair state but all the information across each agency is correct and up to date.

My wife's squeaky clean her experian is at 989 and we have little debt between us. We have have managed to save £40k for our 1st home and are looking at getting an 80% LTV mortgage.

We are hoping to get a joint mortgage, my question is do i have to declare the IVA now its dropped off my file? Weve worked really hard to get the deposit and get clean and would hate my past mistakes to effectively ruin our chances of a 1st home. My wifes salary is not enough to achieve the house on her own. We have joint salary of around £80k per annum.

Any advice would be greatly appreciated.

JB

National_Debtline

Hi JJ0105 and welcome to MSE,


If the IVA no longer shows on your credit file, then you will only have to declare it if the application specifically asks you. They may ask whether you have 'ever been insolvent' and if that is how it is phrased, you will need to declare it, even though it is no longer on your credit file.


You could consider using an independent mortgage broker to help you search for a suitable mortgage. But please be aware, they will almost certainly charge a fee.


Also, don't put too much stock in the scores from the credit reference agencies. Other posters will also state, that the score is not something future lenders see. Future lenders see your history, age, homeowner status, whether or not you on the electoral role etc. They do not see a score. Best of luck,


Laura
@natdebtline

memberme

Hi,


we got a mortgage with Barclays/Woolwich a year after IVA and it was declared. Got competitive rates too.


My advice would be to get a broker who deals with these setups. Our Broker cost £400 as many subprime brokers do, but made the process quick and easy.


Good luck

Trinder85

memberme said:

Hi,


we got a mortgage with Barclays/Woolwich a year after IVA and it was declared. Got competitive rates too.


My advice would be to get a broker who deals with these setups. Our Broker cost £400 as many subprime brokers do, but made the process quick and easy.


Good luck

Hi do you know which broker you used please?