i had an iva and now want to get a mortgage

ryalex

My wife and i had an IVA which we settled through 3rd party help in 2008 it is not due to be removed from our credit file until 2013. We are paying a lot for rent and are both earning enough money to get a sizeable mortgage which would work out a lot cheaper than our rent even if we took out a loan for a deposit. Can anyone suggest a route out of the rental market, as with rates as low as they are ever likely to be we want to get back on the ladder.

danielanthony

Nope, I had to wait for the 6 year mark before I could get a mortgage post IVA. No one will touch you until the IVA and the defaults are cleared off your file. In my case, a couple weeks after they dropped off I was given a good deal by a mainstream mortgage provider.

Good luck,

Dan

ryalex

Thanks Dan i suspected that would be the case. How did you fare with other credit applications ?

Charco_2

Dont think you're allowed to get a loan for a deposit! Start saving...

You can try to discuss this type of thing with mortgage brokers, some dont charge a fee until they find a product for you and since nobody is buying now your local mortgage advisor probably has little else to do! Just be open and honest about what you're looking for and see if they can come up with anything!

LeeSouthEast

If you get a loan for a deposit, they either won't give you a mortgage at all, or will reduce the amount they offer you at some multiple of the loan amount. In short, this won't work. As an IVA is just short of bankruptcy, you're unlikely to get any sort of mortgage until it drops off your credit file. Sorry.