Mortgage after an IVA?, partner has good credit

Cody

Dear Forum;

This post relates to mortgages after an IVA and also general mortgage advice. I will have posted something similar also in the mortgage section.

......

I had a lump sum IVA agreed and completed this year, a 12K lum sum for a total of ~£75k debt. It started in April and was completed / signed off in August.

I earn £33,000, my parnter (who was not in my IVA / does not have debt / has good credit rating / is very annoyed with me) earns ~ £29,000.

We have two young sons, we are late thirties / early forties and we would like to own a home.

So, a lot of questions.

1) Has anyone reading this had an IVA completed and then managed to secure a mortgage? If so, what hoops did you need to jump through, was the mortgage a very expensive one, what size deposit was required?

2) Would it be simpler for my partner to get a mortgage on her salary alone (rather than as a joint mortgage)?, would I be considered in any way towards the mortage repayments, even if just as an income on her monthly budget sheet?

A possible spanner to 2) is that my partner wants to quit her job and move back to northern ireland to be close to family (I would carry on working). So, question...

...3) Are there clauses in mortgages that you can not resign from your job after recieving a mortgage? I ask this in scenario that she gets a mortgage, then resigns, and i then am the breadwinner to pay the mortgage.

my final question 4) What organisation / type of company can advise us on all of these things, including possible benefits / tax credits / mortgages and so on.


Many thanks in advance

Cody

Foxy-Stoat_3

1 - yes - you will need a cash deposit of 20-25% so bear this in mind when you are choosing your home to buy. Standard rate. Use whole of market broker who has successfully placed an ex-iva on a mortgage within the last 12 months - depending on when the last default was. Normal IVA's last for 5 years so 6 months after the last payment goes out you will receive completion certificate then 6 months after that all defaults will drop off your credit file. How long were you on your IVA for?

2 - yes - you will be financially associated with your partner any way you slice it and will show on any credit searches which will effect her for.

3 - pass - although she would be buying a house and taking out a mortgage in England then no longer be living there or paying for it but still have a financial interest. Sounds like a bad idea for both of you.

4 - speak to a whole of market broker