Please advise - mortgage after IVA

ukred

After the mistake of a bad marriage, and being talked into having all credit cards, and debts in my name - the divorce led to me losing everything after the house was sold to complete an IVA in my name. This was a one-off cash completion using ALL my share of the equity. My ex walked away with the other half the equity......

New job, new RENTED home, new partner 3 and a half years down the line. I have already paid 26k in rent :mad: and am desperate to try and buy somewhere while I still have 11 years work left in me!

The IVA debris is still on my credit file (completed 2008). I have been to an independent broker who has said 50% mortgage is probably best that can be done. Even if I had the rent I paid in last 3 years that would be difficult.

My partner has approx. 30-40% deposit. Any advice would be gratefully received

samtoby

Would move this to Mortgage Thread lots of great advisors over there who can help

Foxy-Stoat_3

Speak to a whole of market broker and they will best advise you. How long ago did your IVA start, as I am guessing it didn't run the full 5/6 years.

I wouldn't worry about £26k in rent payments as for every £7,800 I pay in mortgage payments, only £2,200 is paying off capital.....add decorating, new kitchen/bathroom/patio/carpets not really adding any real value to the property and the risk of the market going down.......I wouldnt consider renting to be complete dead money.