Morgage after iva

davespink28

I was wondering if i could get some advice on my chance of being able to get a joint mortgage with my girlfriend or my options if you think this is unlikely.
Also any advice towards being able to help my chances of being able to get one.
My situation is : I divorced in 2008 and was left a lot of debt unfortunately in my name, that I had allowed through stupidity and blindness to be allowed to be run up.
I accepted my mistakes and sought advice to which I was advised to undertake a IVA which I did and it commenced – 3rd July 2008 .
My circumstances changed I started working abroad and I was in the fortunate position to be able to offer a full and final settlement which was accepted, and my IVA was completed and finished
On the 6th Sept 2010.
I have started to rebuild my credit history and have been accepted for a credit card and held that for a year, which I use during the month and pay of fully at the start of each month.
I have also managed to build up some significant saving which are held in a ISA and my bank and phone accounts have been ran faultlessly.
The debt issue is something I regret but it happened and I dealt with it the way I was advised, with hindsight I would have been able to have sorted without a iva due to working abroad but I didn’t have sight of the opportunity coming about prior to undertaking a iva.
I have lived with my girlfriend for 3 years in her owned property which she is hoping to sell so we can buy a property together however I am unsure as to what my options will be due to my past.
Any help and advise would be very much appreciated.
To sum up
IVA STARTED - 3RD JULY 2008
IVA COMPLETED - 6TH SEPTEMBER 2010 ( full and final settlement)

Contracts_Engineer

im not sure of your options, i have come out of a BR and would like to say well done to you for working so hard and ending your iva early and also for taking it on the chin and getting on with it.

Well done to you Sir

Dave_Ham

There are some companies out there that will get involved, but it will depend upon the size of your deposit (as a % of your proposed purchase price)

Time is also a great healer on your credit file and things will become easier if you keep doing what you are already doing and when you hit some key dates in 2013 and 2014...

You will need a specialist broker though, not the bank or Estate Agency variety as that will probably hurt more...

All the best

martyng

I am trying to get a mortgage at the moment , have been told I have no chance until at least 6 years after my IVA finished ( Aug 2013 ) starting to think what was the point in even trying to do the right thing . 5 years paying 2 more years fighting to get the cert and now still nobody will help.


has anybody had any better luck ?

longtermplanner

martyng wrote: »

I am trying to get a mortgage at the moment , have been told I have no chance until at least 6 years after my IVA finished ( Aug 2013 ) starting to think what was the point in even trying to do the right thing . 5 years paying 2 more years fighting to get the cert and now still nobody will help.


has anybody had any better luck ?

How large a deposit do you have? how large will the mortgage be as a multiple of your salary? Do you have high outgoings (dependent children, non working partner, expensive commute etc)? These are all factors that have to be good to excellent post IVA. Are yours? If they are, then a good broker can probably help.

martyng

all good , I can afford a mortgage, 10% deposit ( more if needed ) I'm on 26K good job . House is 110K . I have been paying car insurance / phone bills / all house bills on DD ,never missed a payment on anything since august 2006 and have no CCJs
Broker said nobody will even look at me , not until at least 6 years have past since the end of my IVA. some wouldn't even after that long.
He contacted a specialist broker but he didn't want to know. wouldn't even think about it .
I went into an IVA in 2006 thinking I was doing the right thing, was told it didn't have the same stigma as bankruptcy and when it was over my life would go back to normal.

Foxy-Stoat_3

Choose another broker......Its 6 years from the date of the last default. Assuming the dates are around the start of the IVA you will only need to wait about a year when it finished.

You will need 25% deposit or thereabouts, 10% won't cut it I'm afraid and stay off the high street as computer says "NO".

longtermplanner

martyng wrote: »

I went into an IVA in 2006 thinking I was doing the right thing, was told it didn't have the same stigma as bankruptcy and when it was over my life would go back to normal.

Even when your IVA drops off your credit record, your credit record still won't look 'normal' as it won't have years of nice ticks against debt repayments.

In your situation you need to have an above average deposit and good loan to income ratio. I suspect 10% and a multiple of 4 just isn't good enough. Carry on saving up. Have you got a credit card? If not get one, even a Vanquis-rip-off-rate one, and use it and repay in full each month.

There are new mortgage lending rules coming in next month - see http://www.propertywire.com/news/europe/uk-mortgage-lending-rules-201403268936.html. If your outgoings are low so you can easily afford the mortgage then this may work in your favour as it may replace the headline income multiple test.

martyng

Thanks for the advice , got my fist full look at my credit report today , turns out its our friends at Pco Holdco who have mucked things up . lots of nice thing on there , car insurance , phone, bank accounts all look good . But red marks from 2013 when Pco Holdco decided to make a mess all over my CR .

Foxy-Stoat_3

Best get the dates changed now so the latest one is before the IVA started...whats a CR?

martyng

All sorted now , contacted Experian , explained the situation and they have updated my CR ( credit report ) and now it is 964 EXCELLENT !!!