Mortgage After IVA

[Bamboozled]

Hi Everyone,

I'm in rather a state of blind panic! In January 2012 my IVA will drop off my credit file. I am looking to get a mortgage with my partner next year but when looking on the internet it seems that I will need a massive deposit that will take me years and years to save up. At the moment we have a deposit of 10%. It is so frustrating as the only way the lenders will know I have ever had an IVA is if I tell them. Does anyone know if there is anywhere that offer mortgages to ex IVA-ers with a 10% deposit. My parents are prepared to go as guarentor's but I still don't know whether this is do-able.

[Bamboozled]

Or anywhere that doesnt ask about IVA's?

[IFA]

Andymango07 you seem a bit confused.

First you say there's no chance after an IVA, then the next minute (quite literally) you advise trying HSBC because they offer 90% LTV.

HSBC aren't the only lender offering 90% LTV but you have given no logical explanation why you have advised them in particular as a lender to approach. You also seem to have momentarily forgotten that the actual issue is not the sourcing of a lender capable of lending 90%, but one who will accept this given that there is an IVA in the credit history which will definitely be a problem at high LTV, not only with HSBC, but with all other lenders too.

In the next post you return to the original issue and now seem to be suggesting that the OP commits mortgage fraud by advising them to attempt to hide the IVA from the lender by not disclosing it, even though you have previously stated that the details of their credit problems will be retained on record for 6 years hence. There is no way a lender would let this slip through the net without a credit search at 90% LTV, and even if they did, mortgage fraud is not something that should be suggested under any circumstances.

I assume you are not a qualified financial adviser and your posts are a perfect example of the dangers of laymen getting involved in providing informal friendly advice to their friends and family over a couple of drinks in the pub on a Saturday night. This is no substitute for proper professional advice from an experienced and qualified person who will give the correct information without resorting to clutching at straws or advising illegal activity.

[Jeannie D]

Have a heart, IFA. Andymango07 needed to post 23 (mostly nonsensical or illogical) messages on this forum to reach the level needed to post a link to his new manual. And after such top quality advice from him - such as withholding vital information like an IVA from a potential mortgage lender and putting oneself ever so slightly on the wrong side of the law - wouldn't you be keen to see what other pearls of wisdom might be contained in his new publication?

Didn't someone once say that there was no such thing as bad publicity?

[brian]

Yep, Andymango07posts removed and account banned - apologies if that makes the thread harder to read.

[IFA]

Oh brian!

And we were going to have so much fun with his posts!!

:-)

[South Coast Mortgages]

Hi all,

I am actually quite sad I missed all the dodgy posting on this thread, it sounds quite entertaining!

As a new member I hope you don't mind me throwing my 2 cents in the pot as it were...

Bamboozled - To my knowledge the problem you will have with the IVA issue is that although you may choose not to disclose it to your lender the likelihood is that although it may have "dropped off" the impact on your overall credit file won't have. I have generally found the credit file takes some time to bounce back after an IVA drops off.

However, in terms of lenders who accept those with past IVAs I have found Accord Mortgages to be helpful in the past, they can be accessed through an independent broker. Also, I would say no matter what you feel about your credit etc it is always best to be up front with your broker. When we know exactly what we are dealing with it makes it easier to place your case with the right lender first time and can save heartache in the long run!! Plus we are unshockable - there is nothing you could reveal about your credit file that we have not heard before!

Hope this is of some use!

[michaelb4348]

I am in the same situation as you on this mine drops off in June and I sign up to experian now my credit file says fair and I have 4 defaults one of which is settled and the others are linked with my iva and they will all drop off in June. So when all these come off will my rating jump up? plus I took out a prepaid credit card with a credit builder which helps build my rating as it looks like I am paying a debt off as I am unable to get finance with my history I wanted to do something that might help.

[theheadlander]

One thing I will say is that having a good credit score is not as easy as it once was. Banks don't just look at you credit rating and worthiness. They look at your earnings your deposit, your current employment status i.e. are you on a fixed term or permanent contract.

Getting a mortgage is no longer just about Experian scoring or other credit house scoring.

[michaelb4348]

Can't say I agree with that I went through the iva am now employed 40k a year partner works part time spoke to numerous mortgage advisors/company's and iva on my file all said no way no one will touch you