Mortgage after IVA?

angel_rainbow

Husband and I had an interlocking IVA which was taken out in August 2008 and ended with a full and final in December 2011.

We would dearly like to own our home again one day but I'm wondering if this is ever going to happen.

Bad stuff - obviously the IVA has clobbered our credit rating and sadly we lost our home back in 2008 as well.

Good stuff - hubby earns around £50,000 and we would only be looking at a smallish home to get a foot back on the market around £100,000 to £120,000 maximum.

We are hoping to save around 20-30 grand over the next 5 years by which time the IVA and the other bits and bobs will have dropped off our credit file.

Will our IVA and repossession always be against us - even after the 6 year point? is a 20% deposit about where we need to be to stand a chance or would we need more with our past history?

would we be limited to the sub prime market? could a broker help us?

Thanks in advance for any comments or help!

The_J

5 years is a lot of time in the mortgage world, currently you would be stuffed but time is a healer and if conditions improve then we will see lenders return looking for the good profit margins in adverse lending. That you have been repossessed is not great though.

Your plan to keep you heads down, put some savings away and try again in a few years is a good one. Ideally you would save more of a deposit, the less risk you can present in one area means the more the bank will take in another (like credit history).

angel_rainbow

Thanks - I know we stand zero chance now...I was just wondering really if our plan was just a pipedream or if we did stand a realistic chance in 5 years. Hopefully the market will pick up and that combined with a good deposit, clear credit file and good income will allow us to buy again.

Dave_Ham

Play the credit building game. Have Experian and Equifax as your new best friends and save save save

Would suggest 3-5 years is more than enough time to rebuild.

Good advice to start again with a brand new bank who did not form part of any of your combined creditors.

If not listed Halifax and Barclays are a sound start as start to view you internally first..

Good luck

The_J

Exactly, lenders have short memories. Give it a bit of time, do all the right things by your credit file, save up that deposit and you should be alright.

Or the world might come crashing down as petrol prices go through £2 a litre in which case you've got money saved up to buy weapons and food

angel_rainbow

The_J wrote: »

Exactly, lenders have short memories. Give it a bit of time, do all the right things by your credit file, save up that deposit and you should be alright.

Or the world might come crashing down as petrol prices go through £2 a litre in which case you've got money saved up to buy weapons and food

ooh, maybe I should just save for our own little bunker?