Post IVA mortgage

Trinder85

Hi just browsing this and I am in the same situation. Can anyone recommend a broker who can help me, will be 2 years after IVA finishied and off all my records. Will only have a 10% per cent deposit

happy_singh18

Try Mr Jagmeet Sond- Bristol the best broker as i was in same situation as you and he managed to get me really good rates and that too from the high street bank
Jagmeet.Sond@mab.org.uk
01179679240
call for free advise

coolchanty

I am also in the same situation. I've tried several different brokers now that all say they can help you if you have or have had an IVA and then when I contact them and tell them I have just completed one they are all telling me different things. One said I'll have to wait three years and then I'm gonna need to put down a bigger deposit, another said a year with a 30% deposit, another said 18 months to 2 years after completion, another said they can't help us at all and I'm wondering how they can claim that they help people when I am not getting anywhere with my enquiries.

coolchanty

Another thing I have been told is to not hide it, even if it is not asked because it will get picked up when the solicitor does their part and it will be their duty to inform the lender their findings and then the application will decline at this point. So you will always need to disclose this now. Has anyone been able to get a mortgage having had completed an IVA, did you have to disclose it in the application? If not how did you get it thru solicitors? Who did you use to get your mortgage thru?

Andrewl

Is your Iva off your credit file?

Faizal19

I have a question related to post IVA mortgage eligibility. 5 years ago I lost my job. At the time me and my wife had a car loan and couple of credit/store cards. Two young optimists completely not aware of what life could throw at us, alone in this country, had no one to ask for help, our English wasn’t brilliant, and we were basically devastated as we had no savings. I received a phone call about the IVA and at the time we thought this was our only option, so we went for it (January 2015). I found a job within a month and without any loan/credit card payments we were doing fine, paying just £80 a month towards the IVA. After a year we got our first review with Harrington Brooks (IVA provider) and the monthly payments went up to £320. As it was too much for us and we were already on a training to earn even more money the following year, we’ve decided that it will be best to terminate the IVA. We contacted our creditors and agreed to pay our debts directly. We managed to pay our debts within a year and started saving for a first house, but then found out that there is no way to obtain a mortgage from high street bank once we’ve had the IVA and mortgage brokers will only accept us with high deposit (minimum of 30%). So here we are now waiting for next year when the IVA comes of our credit file. But now comes the coronavirus… the banks are tightening their regulations and we obviously are very risky customers in their eyes. So my question is: will we ever get a chance to buy a house with 20% deposit? Did the termination after a year make things worse? I would be very grateful if you could answer those questions for me. Stay Safe!

Faizal

mwarby

yes it will at so e point be possible to buy with a 20% deposit, coronavirus won't help at the moment. I myself got a 90% mortgage about 4/5 years post IVA

the termination did make things worse, as it's down as an IVA (as bad as going bankrupt in eyes of lenders) but also as a failed IVA. Although it will drop from your credit history, lenders will often ask if you've ever been bankrupt or made arrangements with creditors (is had an IVA)

The big thing which will impact you once you get to the 4-6 year point is deposit and affordability, lenders will especially after the coronavirus want to ensure you can afford the repayments even in hard times