Single, first time buyer mortgage, post IVA?

YorkshireT

Hi, new to this site and I've copied this from my earlier posting on another sub forum, just to see if I can draw on any knowledge or advice on here:

I had an IVA that commenced over 7 years ago, completed in full over 2 years ago (with no missed payments or problems of any kind) and finally dropped off my record (after having to check and correct an out of date entry on the Insolvency Register, and then my credit reports with the 3 main credit reference agencies) about 3 months ago.


My credit file is now clean i.e. no defaults or public records, but I haven't yet begun to apply for any credit as a way of building my credit score, which I know is important.


The reason I'm here is because, having put the difficulty of the IVA behind me, I'm trying to rebuild my life and have begun saving. Ideally I'd like to think the saving is aimed at a deposit for a house. What I'd like to know is whether, as a single person and first time buyer, there's actually a chance of getting a mortgage with any half decent lenders?


Again, I know that it may be difficult to obtain the top rates at some of the big high street lenders, and I know it's advisable to avoid a firm that was part of my IVA. But that aside, I'd just like to know if somebody in my position would stand a chance without resorting to extortionate rates in the sub-prime market. I'd be aiming for 10% deposit minimum.


Any advice on what to expect, how long to wait, and what to do to enhance my chances would be greatly appreciated.

Dave_Ham

Running one or two credit lines will help certainly, just not too much too soon.

There are likely to be high street solutions so do not panic

YorkshireT

Dave_Ham wrote: »

Running one or two credit lines will help certainly, just not too much too soon.

There are likely to be high street solutions so do not panic

Thanks, it's strange as even the thought of obtaining and running a few credit lines scares me now (an odd statement I know when I'm asking about mortgages!)

After the difficulties that led to the IVA it's just hard to even contemplate running a credit card again as I associate them with great distress and regret.

Does it matter if you only use it minimally i.e. a few very small purchases and clearing the balance each month? I want to avoid any prospect of maintaining larger balances if at all possible.

Cheers

Dave_Ham

Absolutely fine, many of our Ex IVA/Bankruptcy clients just use for food and shopping and transfer the cost to a separate account once spent and just pay in full each month.

Whatever works for you, but a mortgage will be achievable other things being equal

YorkshireT

Thanks Dave, it's nice to have a reply that at least offers hope that the IVA won't be a life sentence.

I've found it a very tough process to go through and it's hard to know where it then leaves you without seeking advice from others about what could be realistic.