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IVA Satisfied, Want a Mortgage
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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. Apparently I need at least 20% of the value of the house and even then I 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 my savings up to £15k. However, by then my IVA should have been removed from my credit file and the 'market' wont be demanding that I need such a big deposit.
I am wondering what percentage of the population is suffering in the same way I am and if there is light at the end of the tunnel, or will I have to wait until April 2012 before I can get a mortgage. Of course by then, house prices will have gone back up and I will have lost out there, the upside is that I wont need such a large deposit.
I stupidly thought that now the market is offering 100%LTV mortgages to first time buyers that there might be hope for those like me, I've not come across anything, has anyone else?
Still, there is no way I can get a mortgage. Apparently I need at least 20% of the value of the house and even then I 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 my savings up to £15k. However, by then my IVA should have been removed from my credit file and the 'market' wont be demanding that I need such a big deposit.
I am wondering what percentage of the population is suffering in the same way I am and if there is light at the end of the tunnel, or will I have to wait until April 2012 before I can get a mortgage. Of course by then, house prices will have gone back up and I will have lost out there, the upside is that I wont need such a large deposit.
I stupidly thought that now the market is offering 100%LTV mortgages to first time buyers that there might be hope for those like me, I've not come across anything, has anyone else?
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