Getting a mortgage after an IVA?

DVardysShadow

bigmouse wrote: »

Hi all

I entered into my IVA in Dec 2005 and received my Certificate of Completion in Feb 2011.
Since then me and my wife have managed to scrape together £15000 as a deposit for a house (we have been renting for 7 years) and a desperate to move and purchase our own home.

..... Can anyone help us in any way please???

OK back to this. I can't give definite answers. But as I see it, an IVA is not so much a bar to a mortgage, it just means that lenders who are more open minded will want to see you keeping well away from the edge. So instead of looking at LTV 90% of 95%, you will need to look at 85%. For income multipliers, rather than 4 times, you need to look below 3.5 times.

Just keep on piling onto that deposit, don't set your ambitions too high for a house and sooner or later it will come right for you.

Thrugelmir

MoneySaverLog wrote: »

Those who have come out of a IVA are probably less of a risk financially too, with no debts, and very unlikely to repeat past mistakes.

Statistically you are incorrect. People by human nature fall into distinct camps. An individual that is "careless" with money, has a lack of moral personal responsibility. Is actually far more likely to reoffend in the future.

Whereas an individual who has an unblemished record is far less likely to ever default.