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IVA and first time buyer help!
victor87
Posts: 2 Newbie
Hi.
Me and my partner (not married) are wanting to buy a house, however he is in an IVA. He had to enter the IVA as he wasn't able to pay off the debts from an accident. We have a £15k deposit and are looking for a house around £110-£120k. Together we earn £42k, however separately he earns £28k and I am on £14k. My credit rating is alright with only 1 blip that is due to come off in a couple of months but of course his is bad.
We were wondering if getting a mortgage for what we want is even possible?! Or as we are first time buyers my mum would be willing to do one of those guarantor mortgages but that would have to be with me and I don't earn anywhere near enough, even though it would actually be both of us paying it back. We are just a bit confused about what our options are.
Please help!
Me and my partner (not married) are wanting to buy a house, however he is in an IVA. He had to enter the IVA as he wasn't able to pay off the debts from an accident. We have a £15k deposit and are looking for a house around £110-£120k. Together we earn £42k, however separately he earns £28k and I am on £14k. My credit rating is alright with only 1 blip that is due to come off in a couple of months but of course his is bad.
We were wondering if getting a mortgage for what we want is even possible?! Or as we are first time buyers my mum would be willing to do one of those guarantor mortgages but that would have to be with me and I don't earn anywhere near enough, even though it would actually be both of us paying it back. We are just a bit confused about what our options are.
Please help!
0
Comments
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A guarantor is there to help bridge any payment shortfall there will be, its not aimed at getting around adverse credit.
You dont say when the IVA was started and finished (presuming it has) but unless its a good few years old you are going to struggle unless you have a 25-30% deposit. Even then the rates will not be too great.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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