iva and getting a mortgage

oozysuzy

hi,hope someone can give us some advice!!
my partner entered into an iva nearly 6 years ago,the 6 year anniversary would be may 2011. but we managed to pay it off early,around 2 1/2years ago.

We are hoping to be able to get a mortgage this year,we will have around 15,000 deposit.

does anyone know weather we are likely to get a mortgage,as its been 6 years since the start of the iva? or because of the way things are at the moment have we still got no chance?
My partner seems to think that we dont have much chance,but surley there must come a time when you are able to start again?

i really hope so!!

FoggyBrain_2

Hi -- good to hear you survived the IVA :-) Well done.

Assuming all of the defaults were registered on your credit files, as or before the date of acceptance of the IVA (check your credit record and ask for this to be done if it hasn't), then after the 6 year anniversary the file should be wiped clean.

Unfortunately, in the current climate a mortgage is hard to come by without a ginourmous deposit. Try talking to an independant financial advisor, as they will know what's on the market at the moment. Another avenue to look at would be part buy / part rent schemes.

Best of luck.

oozysuzy

hi,thanks for the reply!
we have found a couple on the market for around 80,000
so £15000 would be nearly 20% deposit?are they looking for more than that?

FoggyBrain_2

20 % isn't a bad deposit, but don't forget to factor in solicitors fee's, surveys and moving costs. In the current market it is always worth making offers on the asking price too, which would make your deposit bigger in %age terms. Might not be typical, but in my area actual selling prices are around 5 - 10% down on asking prices.

Not sure, but I think there's a house buying forum somewhere else on MoneySaving Expert --- might be worth having a peep.

Foxy-Stoat_3

I am in the same boat with me and my partner, I have a 20% deposit and noone on the high street will lend. Using a broker at the moment and he has found 1 lender which is prepared to lend but that will be a mega rate I'd think. I have been told I need a 30-40% deposit !!!!!!, I think they want me to find £140,000 cash and go to them to borrow the other £10,000.....I suspect they would refuse me tho! I would have better luck pitching our house purchase on Dragons Den !!!! LOL

I would get a hold of your credit file first to see what information is on there and go to a whole of market broker, dont waste your time going to the high street and talk to air-heads who do lots of credit searches only to be told, "computer says noooo".

derbysgal

Hi

I am currently in similar situation. Settled iva 2006 (started 2004), no longer on credit file. I have been looking into mortgage lenders who will look at applications individually rather than through a computer that will most likely throw you out.

bloc75

My IVA finishes in July after 5 years, do I have to wait another year before the slate is wiped clean?

I'm also concerned about how I am expected to save up to 20k for a deposit in 1 year, as far as I know you are not allowed to save at all during an IVA.

FoggyBrain_2

If you have money left over from allowances each month you are allowed to save it ---- no way would you get a large sum though!

bloc75

No I am writing down a budget now for the next two years. I need to start saving up. We also maybe have an inheritance coming through, well it's been due for 4 years, but the surviving spouse (a step parent) has not moved out yet, so waiting for that - well not waiting, but it would certainly help.

FoggyBrain_2

I know what you mean bloc !!!

bloc75

Is it true it's 1 year post IVA completion before your credit rating is cleared of IVA?