Mortgage (for new buyer) after an IVA

doelani wrote: »

6 years from date of default, any defaults relation to debts within and IVA cannot be dated after the IVA started ( dreditors meeting )

This is something I am now in process of getting tidied up as all my defaults where after IVA started.

Hi thanks for your post. Firstly, a big well done for getting through the IVA. Presumably, you're doing the tidy up job of your credit file 6 years post iva. Would you say that it's not worth even looking at getting a mortgage until the tidy up has been completed and new credit built up?

As i said, we're looking at trying to secure a mortgage as soon as poss (depending on everything, inc the general economy), do you have any comments or suggestions about the earliest time we could expect someone to lend to us?

doelani wrote: »

Hi Doglover

We finished our IVA after 3 years by remortgaging, I will not even tell you the rate we had to pay for a fixed rate that luckily take use to 6 months after our 6 years is up.

Our 6 years from date of IVA starting is May 2011 so have 2 years to get it sorted but starting now that the full and finals payments have started to be taken off the balances, some creditors have already marked the accounts as satisfied some have not. All my default dates are wrong though so am going to get onto it soon.

Like I said we did remortgage to finish IVA early as due to change in circumstances we would have had to stop paying IVA after 3 years and £26k was paid, it was not easy we had a good mortgage guy but 2 days before completion the deal was pulled, it was awful but in the end got sorted but was just the time last year when a lot of lenders started to pull deals.

We hope by the time comes to remortgage our credit files will be clear as all the defaults will have dropped off and we will eb able to get a normal mortgage again.

good luck whatever you decide

From what you're saying (and indeed others), it seems as though it's not worth contemplating a joint mortgage with hubby until the 6 year anniversary of the IVA is reached. It sounds a fair bit of hassle clearing your file thereafter so may we should look at keeping things in my name only and fixing any mortgage in my name for a period that takes us to 7 years post IVA to allow time for clear up and rebuild. In reality, does that sound the most sensible option in your opinion?

I can borrow more in my sole name and we would be able to move with our savings and equity (god knows how much at the mo though!) in my flat. We were hoping to limit our move to once (make a jump from a 1 bed flat to a 3 bed house) so that we don't have to go through it all again! We are looking to start a family in the next couple of years and my hub has a child already so it will be necessary to get a three bed really as hub wants joint custody of his child. My borrowing ability will comfortably get us a 2 bed house but we were hoping to need a 3 bed house within a couple of years and borrowing for that on my own isn't preferrable.

However, if we clear the iva we'd have hub's extra income each month.

It's just so tricky to work out what will be the best idea and at what stage! I know this seems odd, but I don't want to leave things until the begining of the next housing bubble (which will come again I have no doubt) as i don't want to end up buying an over priced house even though I realise my flat would be sold at a relative price. I'm also conscious that interest rates are good at the mo.

I just want to be able to settle in our future family home but not at a risk of losing everything.

Decisions, decisions . . .