Mortgages if have an IVA

nolongerinthered

Hi, was just wondering, does anyone know of any companies that proivde mortgages for first time buyers if one of the applicants has an IVA? I got mine 8 months ago, and although i realise this is an emblishment on my credit record, i am now in a very good financial position and really good with my money. my partner has an excellent credit score and earns a decent wage, but the only people we have so far found who would consider lending to us, want a 20% deposit, which we just dont have. Any help would be much appreciated !!!

toonfish

do you have any deposit at all?

nolongerinthered

unfortunatly not, having been so bad with money in the past, im only just gettin into the habit of saving each month. it would take me years to save enough for a deposit

Bargain_Rzl

Ummmm, I don't know much about IVAs - having never been on one - but are they like DMPs where you're not allowed to take out any more credit while you're on one?

toonfish

you have no chance of getting 100% I'm afraid - at least 5% deposit, preferably 10% and you could possibly do it

nolongerinthered

and can u recommended anywhere that would provide it if a had a 5 or 10% deposit? like i said, the only place i have found will only give us one if we stump up 18K, which just isnt possible, and id like to get a foot on the property ladder as soon as possible, otherwise ill just be priced out of the market

toonfish

I can, not sure of the ethics of putting it on here as I don't want to be seen as offering advice but at 5% GMAC are the only option, at 10% Future, Kensington, db & Chelsea may do it. Go to a decent broker who can run through th eoptions with you and won't charge a fee. You should get rates around 6-6.5%.

Too many brokers look for massive fees on adverse - it's not that difficult to place in the main.