We need a mortgage! but we have bad credit

chellepops

Could anyone help. My partner and I need a mortgage. We have an IVA and would either like a 100% mortgage or at least pay a 5% deposit.
Could anyone suggest mortgage companies that could help?
We need to buy a house asap or we will never get on the property market.
Thankyou
Chellepops

Mr_helpful

I cant think of anyone going to 100% and the IVA would probably need to be paid for at least a year at 95%. The rate would be pretty bad as well. Would you not be much better off sorting out your finances than trying to get on property ladder.

Leon_W

As Mr helpful says, it's going to be pretty difficult if not impossible.

We can't recommend companies but I can think of a couple of lenders that "supposedly" take on such business with current IVA's etc BUT, what you need is specific advise from an expert as your post contains too little detail to give a reasonable view either way.

As an aside, I was talking to someone the other day who was in an IVA looking for a mortgage. We were discussing the subject and I asked him how much the IVA was for. He looked me in the eye and said ' what, to the nearest million ? '. Errrrr, yes, I gulped. ' Two ' came the reply.

After a sharp intake of breath I beat a hasty retreat and exited stage left !!

Now that is what you call an IVA and I hope yours is not quite as large.