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Mortgage afte IVA Help!
KatMe
Posts: 2 Newbie
Hello,
I have entered an IVA in Dec 2014 and repayed early in Jan 2017.
All paperwork was compleated in May 2017.
Myself and my partner looking for a mortgage. I have spoke with one mortgage adviser who told me that because of my IVA we have no chance unless we have at least 20% of deposit as a minimum. Since I had a bad financial situation my life compleatly change and I have very well paid job. We were hop8ng to use help to buy but now Im not sure If we can get any mortgage and it is all beacause of me.
Does anyone was in the simmiliar situation and can advise me anything. Is there any hope?
I have entered an IVA in Dec 2014 and repayed early in Jan 2017.
All paperwork was compleated in May 2017.
Myself and my partner looking for a mortgage. I have spoke with one mortgage adviser who told me that because of my IVA we have no chance unless we have at least 20% of deposit as a minimum. Since I had a bad financial situation my life compleatly change and I have very well paid job. We were hop8ng to use help to buy but now Im not sure If we can get any mortgage and it is all beacause of me.
Does anyone was in the simmiliar situation and can advise me anything. Is there any hope?
0
Comments
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An IVA will remain on your credit files for 6 years so in your case, until December 2020.
You should speak to a mortgage broker who specialises in adverse credit history and see what they say.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Thank you Candyapple, I will and hopefully will have good news.0
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Mortgage lenders typically work from the end of the insolvency rather than the beginning.
I think you might struggle to get this through with anything less than 20% deposit also. Rates are probably going to be around 6% plus.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
IIRC none of the three adverse credit specialists on the HTB scheme will accept a past IVA.
Just checked and they require six years discharged.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
You wont be accepted for HTB as Kingstreet has said, nor do you WANT to be accepted - save for the biggest deposit possible and go from there.0
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