Help! Mortgage advice from someone with past IVA!!

darktower_2

Hi, totally new to all this!!! Can anyone point me in the right direction ref past credit problems, IVA's from a divorce (IVA ends in May!) and applying for a mortgage? Am currently serving in the Army, due to leave in 4 years with approx £35,000 in hand and £500 a month. Looking at buying house sooner so as to rent for a couple of years then possibly move in to when i leave forces! Hope to hear from anyone soon! Thanx!!! :beer:

John

herbiesjp

There may well be some options for you John

If you are looking for a BTL mortgage you would need somewhere between a 15% and 11% deposit - depending on the lenders.

Having the credit problems, may however limit the options available to you.

What prices are you looking at?

darktower_2

Hi Herbie, and thanks for the reply!
Am hopefully looking at something between £80,000 - £100,000. Nothing to grand just a place to rent and live in when i leave in about 4 years. not too sure what sort of impact past problems cause, but IVA finishes in May and have had no other problems since i started it 5 years ago. Also looking for advice on how to use the site and chat forums etc! Am only a bloke so that automatically makes me a technophobe!!!
Thanks again for the reply!

John

luckyfool

With the IVA for a Buy to Let mortgage you will need a realistic minimum of 20% as the deposit. Also the maximum loan amount will be heavily dependant on the rental income as this will need to support the monthly payments. Once the IVA is satisfied you are likely to get a better rate or deal. Speak to a mortgage broker and they will be able to source some options for you.