I wanted to share a Mortgage with an IVA success story (with the customers permission) of a couple who wanted a Mortgage whilst one of them had previously had an IVA.
The IVA had been running for around 7-8 years and was completed in 2014.
The IVA had been conducted satisfactory throughout. The customers then came to us after being recommended to us by a friend of theirs and one of our existing customers who we had helped obtain a Mortgage.
How we helped to secure the Mortgage
We completed a Mortgage factfind with the customer, this allows us to get everything down on paper to assess the needs of our customers thoroughly. We also obtained copies of their credit reports and then we jumped on the phone to our account managers and the underwriters.
After a couple of days, we had few options for them. Two of which were actually with high street lenders. We put the application in after having received a green light from our account manager to proceed.
Happy Outcome
The customers have been discharged from their IVA for 3 years, their application took around 3 weeks to go to full offer and they are now living in their home with a mortgage at normal high street rates.
Mortgage with an IVA is not the barrier it once was and such applications are one of our specialities at Mortgage Success and we are really happy to see someone whom has had a poor credit history in the past not hinder their present day dream of owning a home.
Whilst it is true that adverse credit will remain on your credit file for 6 years the key to success in getting a home loan is having a mortgage broker that understands the whole of the current market and the clients past and current circumstances because as we experienced here what is a decline for one high street lenders is an accept for another.
Mortgages & IVA’s
Whilst we have access to a Mortgage for people who are discharged from their IVA for just 1 year this success story goes to show that within 3 years since the IVA and poor credit history that normal high street mortgage rates are a reality.