Mortgage and IVAs

rjenkins1005

Hi! 

Looking for some help and advice

i took an IVA out 2 years ago, I have recently settled it with a lump sum instalment

i have 2 CCJs that are currently 2 years old 
(Debts included in IVA)

my credit rating on Experian is 489

I spent 3 years when I was 18/19 in an abusive relationship where I took out multiple loans and could never afford the repayments

i have not used credit in 2 years now

i want to buy a house next year with my partner, he has great credit and between us we earn around £70,000 and will have around £35,000 in a deposit

what are the chances of me getting a mortgage? And what can I do in the next year to help this? 

I feel gutted that my IVA which felt like my only choice at the time may now ruin my future, as it was never explained to me how much it would hinder my mortgage (although this is just what I’ve read online recently)

MrFrugalFever

There are specialist mortgage brokers who may find a lender to entertain you but in all honesty, you’re likely to have to wait until your IVA / CCJ’s drop off (6 years from original start date).
The lender will want to do a thorough credit check, amongst other checks and seeing an IVA / CCJ just 3 years ago will not be in your favour - discharged or not.

TheMortgageExpert

You can obtain a mortgage now with a 30% deposit, as the IVA has now settled, yet still on Credit Files. If you are first time buyers can still make use of the Help To Buy Equity loan scheme to obtain a NEW Build property with 10% deposit and 20% from the Government Help To Buy scheme, with a specialist lender. After 1 year settled you need 25% deposit, and after 2 years settled you need 20% deposit - rates are higher then high street rates, but at least gets you on the housing ladder, and you can remortgage out potentially to high street rate when the IVA drops off your Credit File 6 years from the date of registration.The CCJ's oustide of 2 years is fine with specislist lender as well

rjenkins1005

Hi! Back again

so we have saved up a 20-25% deposit. My IVA is now 1 year settled and 3 years from the start date. My CCJS are over 2 years old. 

I now have two full years of clear credit.

do you think we could go ahead? 

Christologymum_2

Looks like you didn’t get a response on this but I’d be interested to see if you managed to get one and how your getting on 

sourcrates

Christologymum_2 said:

Looks like you didn’t get a response on this but I’d be interested to see if you managed to get one and how your getting on 

@Christologymum_2 if you tag @rjenkins1005, they may respond to you.

They were active on the site this morning.

Christologymum_2

Thanks I didn’t know I could do that 

@rjenkins1005 how did you get on?

ToxtethO'Grady

You can speak to Stepchange Financial Solutions they are salaried mortgage advisors who give advice to 'credit impaired' clients.