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mortgage after IVA
mandydean
Posts: 1 Newbie
Hi there, im in need of assistance if you may.
I am looking for a mortgage, however my circumstance is one of many I believe. In the past i have had an IVA that i completed 2 years early and over 2 years ago by selling the house i was in to fund the situation and after the breakup of my marriage due to the effects of the situation we were in. I have since lived with my new partner for the last 5 years after her husband abandoned both her and the property. At the time i could not get a mortgage so the decision was taken to stay with the house and pay the mortgage as to not get it repossessed. During this time we spent many hours (and funds) at solicitors trying to come to a conclusion on the property with the ex partner but to no prevail as he failed to respond to anything. It has now come to the point where we have to sort this situation out, this is where it has become tricky. After valuation of the house and paying the ex off his share we are looking at having in the region of £28k equity in the property, I also have saved £5k to assist also. The current mortgage lender will not allow the mortgage to transferred to me and my partner because when the ex husband left the property he left in 2 months arears, the current lender says they would not take this transfer unless it was a year with good order (plus I think my IVA history upset them a little). I have also been told since that although my IVA is gone and my Experian report is almost good that I need a higher deposit to fund a successful mortgage.
Like I said I have read somewhere that i have to see at least 20 to 40% deposit but have also been told by a solicitor that equity is as good as a down-payment but cannot know if this would be the case 100%. I earn £50K per year and am in secure full time employment, currently pay the existing mortgage comfortably and on time and have had no issues with missed payments on anything since. If we are forced to sell the house then we will have to see if we can rent at a much higher rate, and although we will then have a large deposit for a mortgage from the proceeds of the sale we may as well have stayed put as its upheaval and much more costly than buying where we are. Can someone out there give me a mortgage?
Dean
I am looking for a mortgage, however my circumstance is one of many I believe. In the past i have had an IVA that i completed 2 years early and over 2 years ago by selling the house i was in to fund the situation and after the breakup of my marriage due to the effects of the situation we were in. I have since lived with my new partner for the last 5 years after her husband abandoned both her and the property. At the time i could not get a mortgage so the decision was taken to stay with the house and pay the mortgage as to not get it repossessed. During this time we spent many hours (and funds) at solicitors trying to come to a conclusion on the property with the ex partner but to no prevail as he failed to respond to anything. It has now come to the point where we have to sort this situation out, this is where it has become tricky. After valuation of the house and paying the ex off his share we are looking at having in the region of £28k equity in the property, I also have saved £5k to assist also. The current mortgage lender will not allow the mortgage to transferred to me and my partner because when the ex husband left the property he left in 2 months arears, the current lender says they would not take this transfer unless it was a year with good order (plus I think my IVA history upset them a little). I have also been told since that although my IVA is gone and my Experian report is almost good that I need a higher deposit to fund a successful mortgage.
Like I said I have read somewhere that i have to see at least 20 to 40% deposit but have also been told by a solicitor that equity is as good as a down-payment but cannot know if this would be the case 100%. I earn £50K per year and am in secure full time employment, currently pay the existing mortgage comfortably and on time and have had no issues with missed payments on anything since. If we are forced to sell the house then we will have to see if we can rent at a much higher rate, and although we will then have a large deposit for a mortgage from the proceeds of the sale we may as well have stayed put as its upheaval and much more costly than buying where we are. Can someone out there give me a mortgage?
Dean
0
Comments
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Please put this into paragraphs - it is very daunting to read.
I would suggest going to a broker who would have knowledge of which mortgage companies to approach and which to avoid.0
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