Mortgage after IVA

bexiboo84

Due to the recent financial climate i was wondering if anyone has recently completed an IVA and obtained a mortgage, im due to complete mine in May this year and know I have to wait another year for it to drop off my credit report but wondering where I go from there?

geminian

My experience,
My IVA was entered into April 2006 and satisfied in Oct 2007. I obviously have no other debt. I do have a credit card (Gets used for small amounts infrequently to improve credit rating) and a mobile phone on contract and a current account with Barclays. I earn £33k year. I have £5k saved towards a deposit. Still, there is no way I can get a mortgage. You will need at least 20% of the value of the house and even then you will pay a higher than high street % rate. Life after an IVA is easy unless you want to get credit for normal things like a home. It appears that I will have to wait the full SIX years before I can apply for a mortgage. This irks me as the mortgage payments would be cheaper than the rent I pay. (Based upon online calculators at 5% rate) Personally I am totally beside myself because I am unable to get a mortgage. It would take me another 2 years to get up to £15k deposit saved and by then my IVA should have been removed from my credit file and I wont need such a big deposit anyway.