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IVA and shared ownership
I'm looking for guidance and a glimmer of hope. We have just completed an IVA, and we have found a shared ownership property, which we love. So far, we haven't had any luck finding a mortgage provider who will lend to us for a shared ownership with a recently completed IVA (we did a one off IVA, so was only registered last August).
We have found a property worth £305,000. 40% share is £122,000. We have about 10% deposit.
The service charge and rent are about £400 for the remaining 60%. Our combined salary is between £65 to 70K per year. We have no debts.
We are struggling to find any mortgage brokers with a good understanding, which can help. Does anyone have any suggestions?
Thank you
We are struggling to find any mortgage brokers with a good understanding, which can help. Does anyone have any suggestions?
Thank you
0
Comments
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Pop over to the Mortgage board and ask on there as there are a lot of experienced posters who will point you in the right direction.0
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Is the IVA and the debts in it still shown on your credit record? if it is then why not wait until they have all dropped off because. the mortgage market isnt easy at the moment and shred ownership is always a specialist area.0
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I’m assuming you had a “lump sum IVA” quite rare, but just as effective if suitable.
Problem is that even though the arrangement was over in a flash, it stays on file for 6 years, the same as a normal IVA does.
The mortgage board is your best bet, as you will need a specialist broker, or failing that, wait 5 years till it’s off your file.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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