100 LTV with recently finished IVA

mightyjack

Anyone know if there's a mortgage product to suit this scenario please? 

No deposit so 100% LTV required 
Sole applicant that has just completed an IVA via full and final settlement 
Mortgage free house owner guarantor available 

ACG

I always have a rule where I refrain from saying something cant be done as I obviously do not know everything so it could be a gap in my knowledge. But I am pretty confident that this cant be done. 

Your choice of lenders is about 2 or 3. I am 99.9% sure none of them would accept the IVA AND go down the guarantor route. The risk is just too much. For want of a better phrase, you have no skin in the game and nothing to lose if you do not pay. 

DE_612183

would probably need a specialist broker - there is a specific thread called "ask a mortgage broker" - https://forums.moneysavingexpert.com/discussion/comment/81028276#Comment_81028276?utm_source=community-search&utm_medium=organic-search&utm_term=ask+mortgage

ACG

DE_612183 said:

would probably need a specialist broker - there is a specific thread called "ask a mortgage broker" - https://forums.moneysavingexpert.com/discussion/comment/81028276#Comment_81028276?utm_source=community-search&utm_medium=organic-search&utm_term=ask+mortgage

I think I would class myself as a specialist in adverse, about 80% of what we do is adverse. 

mightyjack

ACG said:

I always have a rule where I refrain from saying something cant be done as I obviously do not know everything so it could be a gap in my knowledge. But I am pretty confident that this cant be done. 

Your choice of lenders is about 2 or 3. I am 99.9% sure none of them would accept the IVA AND go down the guarantor route. The risk is just too much. For want of a better phrase, you have no skin in the game and nothing to lose if you do not pay. 

thanks for your reply, I thought that would be the case. Even as my IVA is completed most lenders won't touch you for 3 years minimum anyway. 

Last throw of the dice...how about a guarantor mortgage? would that be possible considering my IVA situation?

ACG

Most lenders work off the discharge date for insolvency (bankruptcy/IVAs/DROs), there are a couple of work from the registration date but I dont think any of those do 100% LTV. 

When did the IVA start? If over 6 years ago and any adverse associated with it has dropped off, you might have a chance but not I cant see it being at 100% LTV.  
Is it possible the guarantor could remortgage and gift you a deposit? 

mightyjack

ACG said:

Most lenders work off the discharge date for insolvency (bankruptcy/IVAs/DROs), there are a couple of work from the registration date but I dont think any of those do 100% LTV. 

When did the IVA start? If over 6 years ago and any adverse associated with it has dropped off, you might have a chance but not I cant see it being at 100% LTV.  
Is it possible the guarantor could remortgage and gift you a deposit? 

Possibly yes, the IVA started August 21st 

ACG

What year? 

mightyjack

ACG said:

What year? 

sorry 2021

ACG

I think the only way it might be possible then would be for the guarantor to raise a mortgage - it would be cheaper too. But it assumes the guarantor can raise a mortgage for maybe 30-40% of the purchase price. 

mightyjack

ACG said:

I think the only way it might be possible then would be for the guarantor to raise a mortgage - it would be cheaper too. But it assumes the guarantor can raise a mortgage for maybe 30-40% of the purchase price. 

Ok, I'll hang on for a few years I think then thanks for your advice much appreciated