Recommended Mortgage Providers - IVA Completed

Harry_Hammer

Hi

We have completed our IVA, the certificate is in our hands and the IVA is not showing with Experian.

We have accepted an offer on our property, however our current finance guy doesn't appear to be having luck with the normal mortgage providers in getting us a mortgage to allow us to look for somewhere new.

Do any of you guys have any good news stories with lenders to recommend companies we can contact to help us?

Craig1981

although your IVA you say is completed, is it still within 6 years from the start of it? the defaults associated with it and the IVA itself will only drop off your credit history after 6 years. from that date, about 12 months to rebuild your rating as best you can

sounds like it could be that you are within the 6 years still, and your file is still showing defaults and the IVA listing...

foxy-stoat

Whats your LTV % on the new property?

fatbelly

Make sure the individual debts have a default date that is the date of the IVA or earlier

PrettyKittyKat

Have you checked whether equifax and call credit show the IVA still? You need to check these also if not.

By not showing the IVA I presume all the debts included have now gone off your credit file too?

Don't approach any lenders included in your IVA.

What credit history DO you have now? Usually when people finish an IVA they have next to nothing showing on their credit file, which in itself makes it difficult getting a mortgage as the companies have no information to assess you on. This isn't the IVA's fault, just a lack of credit history which is why many people rebuild it for a year or so before applying.

You may need to find a broker that specialises with ex-IVA clients.

Harry_Hammer

The IVA always showed the start date, so in essence it has been removed from the files due to it being over 6 years old.

Our credit files with Experian are showing a rating of good, with a score of over 950 each. We have found a very good broker in the last 48 hours and she has done more in that time than the other guy we were using, who has messed us about for 2 months!!

Fingers crossed we get the answer we are looking for.....

Harry_Hammer

The LTV is 60%

foxy-stoat

Harry_Hammer wrote: »

The LTV is 60%

Any good whole of market broker should be able to place you using a high street lender and high street rates.

Jessy07

What is LTV please?

foxy-stoat

Jessy07 wrote: »

What is LTV please?

Loan To Value

PrettyKittyKat

Fingers crossed, it shows the importance of a good broker!