Mortgage and IVAs

rjenkins1005 Forumite Posts: 1 Newbie

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
    MrFrugalFever Forumite Posts: 1,002
    500 Posts Second Anniversary Photogenic Name Dropper
    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.

    Save £12k in 2023 challenge

    Jan = £715 / £1,000 - Feb = £1,275 / £1,000 - Mar = £400 / £1,000  (fallen behind will make up in April)
    Apr = £ May = £ Jun = £
    Jul = £ Aug = £ Sept = £
    Oct = £ Nov = £ Dec = £

    Saved Total = £2,390 / £12,000
  • TheMortgageExpert
    TheMortgageExpert Forumite Posts: 3
    First Post
    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
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