IVA Mortgage?

uphillstruggle_2

Hi,

I am waiting to hear from a Mortgage Advisor and the suspense is killing me.

I have been in an IVA for 15 months and never missed a payment. My boyfried has just cleared all of his debt (approx £4,000) so is debt free.
He earns £17,350 PA and I earn £22,250 PA. We have a deposit of £16,000 and the house we want to buy is £173,000. Do I stand any kind of chance being accepted for a mortgage and if so what sort of interest rates can I expect to pay?

Thanks for any comments....

herbiesjp

You should be able to find a lender to agree this for you.

The rate offered will depend on your credit history, and the amounts involved, and how long ago any adverse credit history may have been registered

Wait for the MA to come back to you as they will have all your up to date information with which to carry out some detailed research

HTH

uphillstruggle_2

Thanks that makes me feel better. The MA is ringing on Thurs at 1pm and it is just for the initial chat and to see if they think they can help then I will need to make an appointment for a more detailed discussion.

I was in £50,000 of debt and have agreed an IVA to pay £12,800 to my creditors, I am now in control of my finances and have not missed a payment in my IVA. I think between the two of us we have a few defaults, mine were about 2 years ago whilst setting up the IVA. I have no CCJ's and neither does my boyfirend.

I am pleased to hear that you think I can get a mortgage for the amouhnt we want and with the problems we have had in the past. Im looking forward to a fresh start and new life together.

How long do you think it wil take the MA to find us a suitable mortgage? We have seen a new build and it the last one available so time is not on our side!

herbiesjp

HI there

Sorry - just read your other post

You should be able to get an answer a lot more quickly than that - do you not have any friends or family that can make a recommendation to you?

uphillstruggle_2

To be honest they dont know about my IVA so I want to try and do it myself....

I went with Payplans recommendation because I wanted to do it by the book but I guess if theyve said its ok to go ahead and apply for a mortgage whilst Im in an IVA it doesnt matter which MA I use?

I know you cant give recommendations but perhaps PM me if you know any MA's used to dealing with cases like mine who could offer and answer a bit quicker?

Id be very grateful!

Thanks for your help I feel reassured

golfnutt

I know someone who was in a similar position as yourself.
They had to go for a sub prime mortgage, but they did pay off thier creditors ?

uphillstruggle_2

Do you mean they settled their IVA early then got a mortgage or got a mortgage and somehow used it to pay off creditors??

golfnutt

The latter.

uphillstruggle_2

Thats interesting, I didnt think that would be at all possible....was it a 125% mortgage.

We have a deposit so there would be no need for a 125% deposit, Id be interested to know how they did it but not necessarily the right route for me...obviously Id like to clear my IVA as soon as possible but if a mortgage is possible alongside my IVA I am prepared to continue the "slog"

golfnutt

Im afraid i dont know all the fact's, I believe they had reduce thier deposit to to clear the IVA and pay a HLC.
Not ideal but 3 years and they can switch to a prime mortgage.

donnalove

uphillstruggle

have you had permission from your supervisor of the iva before going ahead as you will need it.
If you do get a mortgage then the mortgage company will seak permission from your supervisor, before lending any monies.

Also please check your iva contract that there is no provision for equity acquired within the iva term.

it is not impossible to get a mortgage whilst in an iva, but you could fail the iva if you do not keep the supervisor informed as you are obtaining extra credit, which is not allowed without consent.

all the best

donnalove
xx