Mortgage after IVA - please advise

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

ACG

I would imagine you should be able to get a joint mortgage with a 30-40% deposit.
Presumably your broker has more info available to them than we do on here but i would think with a bit of work, what your after should be possible.

Have you got your credit reports? (Experian, Equifax and Callcredit). Maybe take them to another broker and see what they say. Theres no harm in getting a few different opinions.

kyuchukov

I have similar problem. Started IVA in 06/2009 and completed in 06/2012. Me and my wife are full time employed. Deposit we can pay is 40 %. So far we tried with x3 companies and after paying valuation and solocitors fees the mortgage get declined. We lost around 3-4k. I am going to give up looking for a mortgage, after an IVA even and with 40% deposit looks like is imposible to get it.

droiderm

Which lenders have you tried ?

ukred

kyuchukov wrote: »

I have similar problem. Started IVA in 06/2009 and completed in 06/2012. Me and my wife are full time employed. Deposit we can pay is 40 %. So far we tried with x3 companies and after paying valuation and solocitors fees the mortgage get declined. We lost around 3-4k. I am going to give up looking for a mortgage, after an IVA even and with 40% deposit looks like is imposible to get it.

I didn't realise they could do this! You shouldn't have to pay upfront and then be told no.

kyuchukov

Started directly with halifax, then went to a broker and he applied with Santander, and then tried Virgin and last was Kent Reliance. All of them first said yes, and after come back with NO. Looks like that even with 40% deposit is imposible to get a mortgage because an IVA in the credit history.

craaaigo

Unfortunately lenders tend to treat IVAs in almost the same way as they would bankruptcies and will run a mile. Not the news you're looking for but I think that you'll be in a far better position after 6 years when the IVA comes off your credit file.Even if you did manage to find a lender willing to take this on now then the rate would be bordering on astronomical and youre likely to find a far better deal next year from a more mainstream lender anyway.If you (or brokers) keep applying for other mortgages and getting turned down in the meantime then this will have an adverse effect on your credit score/rating so please bare this in mind.

Conrad

kyuchukov wrote: »

Started directly with halifax, then went to a broker and he applied with Santander, and then tried Virgin and last was Kent Reliance. All of them first said yes, and after come back with NO. Looks like that even with 40% deposit is imposible to get a mortgage because an IVA in the credit history.

Did the brokers not try any subprime lenders?

Even they may decline once full details of the IVA are known though.


Ipswich BS did an ex bankrupt for me last year. Very much a case by case basis. Only certain brokers can deal with Ipswich. Your case would otherwise have to be perfect for Ipswich to consider it. That means perfect Bank statements and so on and a good reason for the IVA.
I don't know of any brokers that would do all the work without a fee up - front, because thier time and money is also wasted if the case gets declined.

You might find a fee free broker, but they won't spend that much effort as the risk of them making a loss is quite high.

Thrugelmir

kyuchukov wrote: »

I have similar problem. Started IVA in 06/2009 and completed in 06/2012. Me and my wife are full time employed. Deposit we can pay is 40 %. So far we tried with x3 companies and after paying valuation and solocitors fees the mortgage get declined. We lost around 3-4k. I am going to give up looking for a mortgage, after an IVA even and with 40% deposit looks like is imposible to get it.

Where did the deposit materialise from in a few months?