Adverse credit mortgages

Wafoo

I completed my IVA in Feb 2004 and since then have kept my nose clean,I've had a hunt round for mortgages but seems to be nothing out there unless I've 25% deposit,has anyone got any recommendations,I earn £29000 a year,my wife is a housewife and we can probably get 5% deposit,we're looking to buy in the summer.
Had enougth of lining my landlords pocket and actually miss DIY!

andrewbrydon

Wafoo

To be honest you will need a bigger deposit, 15% minimum. Keep saving !

toonfish

if the IVA finished in 2004 and was conducted properly there are plenty of lenders that wiss consider it. If the IVA was registered then, and is still in place you should still be able to get a reasonable rate providing it has been conducted properly

itsarichmansworld

I havent done a IVA but my credit rating was and still is shocking.

I have current mortgage with GMAC but I am re-mortgaging with Birmingham midshires who are offering a better rate.

They offer up to 90% I think you can have a look at there website. There part of the halifax so hopefully I can get my credit rating sorted in the next few years and get a deal with Halifax.

Wafoo

Thanks for that,15%,I'll never manage that!,well not in a year anyhow,perhaps a look at Birmingham midshires but still need 10%,oh well

sarkin

10% deposit for self cert mortgages if you can prove income there are some lenders who will offfer 95%. but the IVA must have been conducted satisfactorily

Madjock

i was discharged from bankruptcy in 2003 and i got 95% with vendor deposit with Mortgages plc.
See a good sub prime broker.

toonfish

Madjock wrote:

i was discharged from bankruptcy in 2003 and i got 95% with vendor deposit with Mortgages plc.
See a good sub prime broker.

see a good broker, who will look at the high street deals first. Abbey National for example may do this. Don't go "adverse" unless it's the last resort

Wafoo

Thanks everyone,am looking for a good adviser,anyone recomend anyone in South Wales area?

bony23

pretty similar to me - got a 5% dep mortage.

MortgageMamma

It doesnt really matter what area you are in wafoo - you can deal more efficiently over the phone with a broker these days. There are plenty of prime lenders who would look at this, so stay away from any company which isnt independent and whole of market. A good broker will explore all the high street lenders before resorting to sub prime lenders. Brokers have information you would not be able to obtain, not to mention a wealth of experience with cases such as your own.

MM