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Mortgage after IVA - not getting any younger!
plymouthpafc
Posts: 17 Forumite
We're just over half way through our IVA, completing in March 2016, and will be approaching our mid 50s by then. Now looking at what our options might be beyond then and checking forum advice (all brilliant - thanks!) about mortgages post-IVA.
We're both in steady jobs but time now not our side I fear. Anyone willing to give an honest view on the prospects of landing a small mortgage at that age, even with a clear credit file?
Unlikely to be able to save a hefty 20% deposit. Some possibility of early retirement package/lump sum over next couple of years and there are some cracking deals on caravans!
Any comments much appreciated.
We're both in steady jobs but time now not our side I fear. Anyone willing to give an honest view on the prospects of landing a small mortgage at that age, even with a clear credit file?
Unlikely to be able to save a hefty 20% deposit. Some possibility of early retirement package/lump sum over next couple of years and there are some cracking deals on caravans!
Any comments much appreciated.
0
Comments
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None of us know what the market will be like in 2016.
There may be new schemes or new lenders that could increase your options.
If you were looking today I would expect that a 20% deposit would not be enough.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
I had an IVA which finished in 2008.
Some lenders wont touch you, ever.
Some lenders require you to be discharged for 5 years.
Some lenders require the IVA to be off your credit file (6 years from starting).
I've had mortgages from Britannia, ING and Halifax with deposits of 10%, 25% and 15% respectively.
It is possible.0
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