Bad Credit Mortgage

granty26

hi,

im after some advise, myself and my partner both have a pretty bad credit history and are with payplan paying off our debts, we would like a mortgage but no one is going to touch us and have started to try and gather some info on bad credit mortgages, does anybody have any info or any first hand knowledge in these types of mortgages or are we just being stupid looking at these

themightywhites

If you are with Payplan you are possibly in an IVA- Individual Voluntary Arrangement- (I completed an IVA with Payplan 11 months ago); if you are currently in an IVA, sorry but as far as I am aware you have little or no chance of getting a mortgage whilst in the IVA; a mortgage advisor on the board may be able to help you more. (Have you looked at the IVA message board). However it is not possible to have a joint IVA so do you both have IVA's or a Debt Management Plan? The latter seems more likely from what you have said. In this case I don't know about your chances for a mortgage.

During my IVA I concentrated on

• Making sure the payments were always on time
• Saving money (in my partners name)
• Keeping a very close watch on what I was spending

I wish you all the best. It is a brilliant feeling when you finish it.

Payplan_company_representative

Hi granty26 have you spoken to your case officer about this? They should be able to put you through to one our our assosiated companies who can look into this for you.

GMS

How can a payplan representative be allowed to openly recommend an associated business? Brokers cannot recommend other companies or is this a case of one rule for one?

nick5466

Ask and ye shall find out.

"I am not allowed to tout for business at all. If you believe I am please report it to [EMAIL="forumteam@moneysavingexpert.com"]forumteam@moneysavingexpert.com[/EMAIL]"

Payplan_company_representative

I wasn't trying to tout for business, the OP is one of our clients who has some concerns, I was simply trying to tell them that their case officer is capable of giving him advice on the situation. I apologise if it came across as anything else.

handytips

Well you should be able to tell them that they cant get a mortgage when they are in an Iva then. That is the truth of the matter. An IVA/DMP is an absolute last resort as it absolutely destroys your credit file not only for the so called 5 years you may be on the plan, but for a very long time after that. I am a mortgage advisor and i will say i do hope that Sub prime lending does not come back any time soon, i can accept that people can have blips or very mild adverse and yes there should be an outlet for them, but heavy adverse the answer has to be no, harsh but true