IVA / Mortgage Query

MC64

Not sure if this is in the correct forum section, apologies if not.

I currently am in an IVA - I'll be in a position, where, after one of my grandparents unfortunately passed away due to COVID, i'll be in line to receive a windfall of approx £30k in the next few months. My IVA settlement figure as of last month, was £12k, which the creditors told me they would accept.

Now, I currently rent privately, of which the lease ends in January 2022. I'm still classed as a first time buyer. Here's the thing - I'm on a half decent salary (a touch over £60k), but I can't afford to buy a house. Even once the IVA is settled, leaving £18k for a deposit potentially... I can only get a mortgage of up to £180k on my salary on my own, based on Santander's online calculator and MSE's own one. There's nowhere for sale at that price. My only option is shared ownership, but I've heard nothing good about that. Could I even get a mortgage after my IVA is settled? As surely my credit rating will be shocking?

I just feel a bit down in the sense that even with a big chunk of deposit, I still can't buy a house, even with a half decent salary. Ironically, the rent I pay now (£1050 per month), will undoubtedly be higher than any mortgage I have (potentially). I pay £860 child maintenance per month for my 3 boys (aged 2, 4 and 10), so I have that counting against me too. I'm 41 now, so my chances of getting a mortgage now are starting to decrease as time goes on...

sourcrates

IVA will be on file for 6 years from when it was agreed.

A good broker may help if you want a mortgage before this happens.

Move to Yorkshire, plenty of houses under 180k