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Shared Ownership Mortgage - Discharged IVA
MC64
Posts: 6 Forumite
I'm a first time buyer and found a really nice house on a shared ownership scheme. Deposit and affordability is all good, the financial assessment I've had already confirms this. My issue it seems, is my settled IVA. I voluntarily entered into an IVA in September 2019 and settled it in full in July 2021. So I had it just under 2 years and it's been settled/discharged for a year.
The broker that was recommended to me (by the shared ownership company), advised that he spoke to 4 different lenders, and each of them declined my application out of hand, stating my IVA needs to be settled for 3 years minimum before they'd consider me. I've been working hard on rebuilding my credit since, and it's increased considerably in that short space of time.
Such a frustrating position to be in. I don't want to continue renting, paying off someone else's mortgage, when I can afford my own! That being said, I know it's my fault I'm in this situation sadly. I don't suppose anyone can recommend a broker that deals with shared ownership mortgages and bad credit too?
The broker that was recommended to me (by the shared ownership company), advised that he spoke to 4 different lenders, and each of them declined my application out of hand, stating my IVA needs to be settled for 3 years minimum before they'd consider me. I've been working hard on rebuilding my credit since, and it's increased considerably in that short space of time.
Such a frustrating position to be in. I don't want to continue renting, paying off someone else's mortgage, when I can afford my own! That being said, I know it's my fault I'm in this situation sadly. I don't suppose anyone can recommend a broker that deals with shared ownership mortgages and bad credit too?
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Comments
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Hi, we’ve been in the same boat with defaults… it’s so disheartening when you find a house but the mortgage is a no go. Try simply adverse, they are pricy but work with lenders like together money who may accept you. I just looked at Kent reliance and they are 3 years clear for Iva.Good luck0
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