We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Best way of becoming a home owner again? Full final settlement vs IVA???? HELP!!!
vicxzy
Posts: 273 Forumite
Hey guys anyone know the quickest way of becoming a home owner again? Ie being accepted for a mortgage whilst sorting my debts out? Full final settlement vs IVA???? HELP!!!
Long story short 2010 was a bit of a financial nightmare, up until then I had a high paid job & the lifestyle (&debts!) to go with it but I never missed a payment.
Within the space of 12 months I was suddenly made redundant, separated from my husband, & met a new partner & became pregnant!
Its been a hard slog on maternity leave & paying our rent plus half the mortgage on my ex marital home that was in megative equity but i have just finally sold it & look to make around 10k
I'm happy with this in the current climate even though I put 65k down at least I'm getting something back I hadn't expected.
Because my new partner only earns minimum wage & we thought a roof over our baby's head was the most important thing we made arrangements with our creditors to repay token payments the last 12 months otherwise we'd have been homeless.
I have always paid the rent & mortgage though.
Obv we have defaults now & are still in debt so know a mortgage is out of the question right now but our aim is to start saving when I go back to work next month to add to the 10k & get a decemt deposit my question is what is the quickest way of becoming a home owner again?
Full final settlement & use most if not all of house proceeds vs IVA???? Please help
Long story short 2010 was a bit of a financial nightmare, up until then I had a high paid job & the lifestyle (&debts!) to go with it but I never missed a payment.
Within the space of 12 months I was suddenly made redundant, separated from my husband, & met a new partner & became pregnant!
Its been a hard slog on maternity leave & paying our rent plus half the mortgage on my ex marital home that was in megative equity but i have just finally sold it & look to make around 10k
I'm happy with this in the current climate even though I put 65k down at least I'm getting something back I hadn't expected.Because my new partner only earns minimum wage & we thought a roof over our baby's head was the most important thing we made arrangements with our creditors to repay token payments the last 12 months otherwise we'd have been homeless.
I have always paid the rent & mortgage though.
Obv we have defaults now & are still in debt so know a mortgage is out of the question right now but our aim is to start saving when I go back to work next month to add to the 10k & get a decemt deposit my question is what is the quickest way of becoming a home owner again?
Full final settlement & use most if not all of house proceeds vs IVA???? Please help
0
Comments
-
You will struggle to get a mortgage at a decent rate with defaults on your credit file. So that means it will be six years from the date of the last one. This can be made even further away if they go after a CCJ.
You can improve things by settling the debts, but many lenders frown on settled defaults.0 -
Thanks for your reply.
Does this mean that no matter what I do I will never be able to get a mortgage even if I settle the defaults?
I'm starting to think I'd be better off bankrupt if that's the case
Anyone any idea? Please?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards