Getting a Mortgage - Post IVA

Browner75

Hi all, looking for a little advice if anyone can assist or point us in the right direction.

Our IVA finished in December 17 its recorded on our Credit File as, we have certificate to say its completed. We are wanting to sell our apartment to a family member, who are willing to clear our mortgage balance off (we bought in peak 2006 then market crashed) to release us from this burden, with a view to purchase a New Build using the 5%deposit (£8,500 which we have) help to Buy Scheme. Purchase price is between 155 and 165k so with the scheme the mortgage required would be a lot less we require. We have spoken to brokers linked to persimmon and they affordability is fine and we could get the amount on our salary income, they advised issue is the IVA competition being relatively soon.

Has anyone taken out a mortgage post IVA if so how soon after? Who did you approach to obtain direct to lender or through a specialist broker, quick scan through forum seen an Aldermore mentioned, but i don't want to be held to ransom if we were able to get a mortgage.

Can anyone officially advise on this any brokers etc persons with experience of this subject matter. I am also under the impression the IVA will drop off in December this year if it was taken out 5 years ago.

Any Help or Advice would be Appreciated

Regards

Paul

ACG

I am only aware of one lender who says 6 years since you entered the IVA that is open to Help to buy equity loans. Everyone else I can think of works from the discharge date, most lenders would need 6 years discharged, some 3 years and there are a couple who will entertain you after 1 year discharged, but not on the Help to buy scheme and they would need around a 20-30% deposit.

I suppose the big question is when did you enter the IVA?