In an IVA and wanting a mortgage

bigg1982

Hi Everyone
Im really after some advice if anyone can help?
Im currently in an IVA and I now have 1.5 yrs to go. I would really like to get a mortgage with my husband but understand that this would probably be a no no.
Thing is I checked my credit file and I hold a score of 945 which I understand is very good, so I am totally confused as thought this should show practically zero.
Does anyone have any advice or suggestions?
thanks

UpToMyNeckInIt

This seems very odd.

I don't think I even had a credit score that high before I entered my IVA, let alone whilst in one!!!

I suspect that the likelihood of getting a mortgage is still extremely small.

How are you going to justify this to your IP? Are you already in a mortgaged property?

You need to enquire about the IVA equity release clause as well.

You might need to have a chat with a specialist mortgage broker. If a mortgage for an IVA customer is possible, they will probably be your best bet.

bigg1982

thank you UpToMyNeckInIt

I am so confused about the credit score thing lol. In regards to justifying in to IP I pay rent at present so with half of a mortgage my monthly payments would be roughly the same probably so they wouldnt see a difference in what I can pay them.

I think I might just bite the bullet and call IP tomorrow and discuss

Foxy-Stoat_3

Credit scores mean nothing, forget about them and please don't pay for one again, this is a good money saving tip !!!

If you want to be included in a mortgage then you will need to save up 20-25% deposit AFTER the IVA is over.

If YOU are able to save any meaningful deposit while in your IVA then your not paying enough into it, or your expenditure has changed. I wouldn't approach your IP a suggest that you want to be included in the mortgage.

If your husband can get a mortgage on his own then he will find it difficult as you are in the IVA but not impossible, with enough deposit.

UpToMyNeckInIt

Just thought the OP might like to know this:

I don't think you will have any luck getting a mortgage whilst the IVA is in place, but you may now stand a much better chance in 18-Month's time:

Halifax have in the last month or so changed their policy on asking about IVAs.

The question used to be 'Have you ever had an IVA?' and now has reverted back to an older term: 'Have you had one in the last 6 years?'.

Being one of Britain's biggest Mortgage lenders, they seem to be starting to relax mortgage criteria for ex-IVA customers. You can bet that their competitors will follow suit, now that the housing market is picking up.

Foxy-Stoat_3

I had my mortgage placed with Halifax through a broker 8 months after my last payment for my IVA, that was over 2 years ago though.

nancmat

Hi, just wondering what sort of deposit you needed with your Halifax one, my husband made his last payment in July & we're keen to sell & get a mortgage early next year

Foxy-Stoat_3

25% but I would talk to your current lender though as you already have a mortgage.