Mortgage after IVA

Thank you, yes my details are now off the insolvency register and have been for the past year. After I get my deposit together I'll try Nationwide then.

giblet10 wrote: »

in theory, nobody would know..but if you want to take that chance and risk going to the big house, that's up to you..

As Vicki has stated, there do appear to be lenders out there who will consider IVA/BR that are 12+ months post discharge..

Personally I'd not want to take the chance, hence looking for a lender who would consider people who have been in a iva in the past but does not penalise them with higher interest rates.

I think I'd be more concerned about a CIFAS marker than going to the big house though, as one of them will result in no bank touching you even for a basic account.

I just asked the Lloyds TSB advisor on the phone if being in a IVA in the past would stop me getting a mortgage after the 6 years and they said no. :-)

So not all bad news.

Hi peoples

My final payment on my IVA was Feb 2010, got the completion certificate dated Aug 2010, got a mortgage in May 2011 with a 22% deposit via a whole market broker thru a high street BS that dealth with brokers at a very reasonable 5% interest rate with normal set up fees, coming up to our first year of mortgage payments....looking forward to seeing the statement that says we have paid nearly 8K in with probably 1.2K capital paid off. And who says renting was dead money !!!!

Before the broker got us that deal, the one previous was 25% minimum down, £2,500 set up fees to be paid up front and the rate we were first looking at was 8%.

Unless the market has changed at all, I'd say 10% deposit will not be enough.

I would take a look at your credit file and save up 20% of the purchase price plus a few more thousand for fees, surveying costs and broker fees before you start looking to buy for the first time.

Hi, I started an iva in 2006 and completed with a full and final settlement in 2008. I have just applied for a mortgage as it dropped off my report in April and have a decision in principle for a larger amount than expected from the Halifax who did not ask if I have ever been bankrupt or had an iva in the application process. Good luck!