Post IVA mortgage

Elfsdong21

Hi all
I am now nearly 6 years post IVA - yay!!
My commencement date was May 2012.
I want to get a mortgage desperately. I'm in a better situation now and my husband has good credit.
I have been sensible and checked all credit reports- which are all correct, defaults removed, all in good standing, credit cards used and paid off in full every month- no flaw at all (apart from the IVA).
My Experian credit report does not list it, however callcredit and Equifax does therefore my credit score with those is poor.


I have seen a house that I have fallen in love with- some prior advice I have had said that affordability we will be good etc and shouldn't be a problem attaining that amount of money.


However, what I want to know is- will I be able to get a DIP in May with when I am 6 years and 1 day post start of IVA? Or does the IVA need to come off the report for my score to be classed as good so that a lender can look at me??

foxy-stoat

Your credit score from the 2 reporting companies is irrelevant.
The lender will do their own assessments and give you an offer accordingly.
If you have a 25% deposit then you should have no issues with getting a DIP with one of the high street lenders - I would suggest using a broker though who has placed an ex-iver recently.
I went to the high street for my first mortgage and got refused with one particular lender but my broker placed my mortgage with the same one.

Good luck with it and well done!

Neutrinno

Elfsdong21 wrote: »

Hi all
I am now nearly 6 years post IVA - yay!!
My commencement date was May 2012.
I want to get a mortgage desperately. I'm in a better situation now and my husband has good credit.
I have been sensible and checked all credit reports- which are all correct, defaults removed, all in good standing, credit cards used and paid off in full every month- no flaw at all (apart from the IVA).
My Experian credit report does not list it, however callcredit and Equifax does therefore my credit score with those is poor.


I have seen a house that I have fallen in love with- some prior advice I have had said that affordability we will be good etc and shouldn't be a problem attaining that amount of money.


However, what I want to know is- will I be able to get a DIP in May with when I am 6 years and 1 day post start of IVA? Or does the IVA need to come off the report for my score to be classed as good so that a lender can look at me??

Ignore the credit score, it means nothing.

Yes you can get a DIP but please check your credit reports with Experian, Equifax and Callcredit to ensure the IVA is off your credit files before applying. If the IVA is still showing on your report then this will usually lead to a decline with any high-steet lender.

If the IVA does not come off your report after the 6 years since inception, which is fairly common, then you need to write to the 3 credit reference agencies to request it to be removed with a copy of your completion certificate and this can be amended fairly quickly.

Hope this helps.

foxy-stoat

IVA on your credit report isn't an issue as most, if not all, mortgage applications have a question - have you ever been bankrupt or insolvent. Just state the facts and see how you go.

System

Wonder how I got a mortgage with Alliance & Leicester 4 years post bankruptcy.....

And it won't damage their credit history having a hard search for a mortgage on it.

If you're a mortgage broker as your sig suggests I'd consider finding another career.

foxy-stoat

Neutrinno wrote: »

I can tell you with most high street lenders this will almost certainty not help chances and could result in a decline. You can state facts but that doesn't mean you will fit lenders criteria, high street lenders usually do not want any IVA arrangement entered within the 6 years with the record OFF the credit file. Going in blind and just stating facts is poor advice and can lead to damaging their credit history further.

You have to state facts whether the IVA is on your credit history or not. Even if it has dropped of your file it still doesnt change the fact that you have been insolvent. You should pick your lender that accepts ex-iva'ers - not Squeaky Clean Lenders. Unless you are suggesting that if the information is not on your credit file you can omit the facts that you have been insolvent ever.

My High Street lender didnt mind that I was 6 months post IVA completion with the information still showing on my file - I needed minimum 25%, that was the only real requirement.

Neutrinno

foxy-stoat wrote: »

You have to state facts whether the IVA is on your credit history or not. Even if it has dropped of your file it still doesnt change the fact that you have been insolvent. You should pick your lender that accepts ex-iva'ers - not Squeaky Clean Lenders. Unless you are suggesting that if the information is not on your credit file you can omit the facts that you have been insolvent ever.

My High Street lender didnt mind that I was 6 months post IVA completion with the information still showing on my file - I needed minimum 25%, that was the only real requirement.

I am fully aware you have to state facts. Most lenders, even 'squeaky clean' will ask the question though on whether you have had an insolvency arrangement within the last 6 years, certainty in the OP's case they would answer 'no', as it was over 6 years ago now. Other lenders may ask whether they have been discharged in the last 6 years for example as this would be a yes, which may cause an issue.

That's good to hear you got on the high street, granted you needed a 25% deposit. Maybe an experienced broker could have helped you remove the IVA off your file and saved you putting down a large deposit

Anyway, as I've already mentioned I'm not getting into a dispute on each high street lender requirement for ex IVA customers etc. I'm just giving free advice to the OP based on my own daily experiences. Thanks.

foxy-stoat

I was only able to get a high street lender to accept me via a broker - I went into a branch and got a computer said no. Went via a broker and got a good rate no problem.

sherrybobbins

Hi, I managed to get a joint mortgage with my husband 6 years and 5 months after the start of my IVA. The IVA was in my name only and it was our first mortgage. We went via a broker, had 10% deposit and got a decent rate with no issues. There is hope!

Good luck, hope you get your house

memberme

I used a broker and got a mortgage 1 year post completion, with iva not showing on file. I would recommend broker path defo. I got mine with Barclays and a good rate.

happy_singh18

Hi
I am in a similar situation.
IVA finished and got removed 6 months ago from all my credit agencies and now I am looking to buy a house with my wife(she never had any IVA or credit issues) with 10%.
Still talking to few brokers and waiting for reply, fingers crossed hopefully find a deal which we can afford. :-)