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Trying To find a mortgage after iva.

frank3030
frank3030 Posts: 23 Forumite
in Mortgages & endowments
Well my iva has being finished for just over 3 years. I`m struggling to get a mortgage and even a dip.

I have checked all 3 major credit reference agency`s all green no iva shown at all. I have credit cards which I pay off monthly. I have around 15/20 deposit .

Because I have applied for a few mortgages now I have to wait for them to disappear of my credit file. How long does this take for them to go? Is it possible to get an mortgage with a previous iva without going to subprime lenders. I would like to know if anyone else has had mortgage success with previous iva`s.

Comments

  • Annisele
    Annisele Posts: 4,835 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    How much is your deposit (as a percentage of the value of the house you're trying to buy)?
  • ACG
    ACG Posts: 24,971 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You will struggle to get a high st lender to agree this but "subprime" lenders arnt really that much more expensive. To be honest in some cases theyre actually pretty good rates.

    You need to get a decent broker onto this for you (not an estate agent broker) but with a 15-20% deposit i would be pretty confident of getting you a dip and offer.
    I am a Mortgage Adviser
    You 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.
  • frank3030
    frank3030 Posts: 23 Forumite
    I only want mortgage for around 50000/55000 I only earn 18000 a year.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You may find the property value is too low for some lenders who may consider the IVA.

    Broker almost certainly needed for this one
    I am a Mortgage Adviser
    You 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.
  • frank3030
    frank3030 Posts: 23 Forumite
    I thought that lower amount to borrow would be better. I have came across some mortgages where you can not borrow less than 75000.
  • ACG
    ACG Posts: 24,971 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Property value/mortgage amount is one set of criteria that will exclude you from some lenders.
    The IVA is the other.

    It definitely one for a broker, i dont think you will place this on the high street.
    I am a Mortgage Adviser
    You 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.
This discussion has been closed.
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