IVA, age - mortgage pointless??

Steff21

Looking for some advice/guidance having searched previous posts, I'm a complete novice re: house buying.

I entered an IVA in 2019, completed mid 2024. I'm 45 and don't yet have a full deposit saved but aiming for £15k. Earn 34k and single.

I also went bankrupt in 2003 and was discharged after 9 months.

Neither show on my credit file any longer.

Is it worth me even approaching a mortgage advisor to see if I can even get a mortgage? 

My worry, amongst my rubbish history, is also my age, times getting on, 25 years will take me to 70 plus I have this financial risk history. 

No debt, have a credit card I pay in full monthly.

I anticipate another year before I have a decent deposit which takes me to 46.

Looking for advice as I'm trapped in an unpleasant housing situation which I will stick out for saving if things look promising, but otherwise will just get out asap into private.

fatbelly

On the electoral roll?

No reason why you shouldn't find a lender

Steff21

Yes on the electoral role thankfully 

Jemma01

There's a thread on here I think titled "ask a mortgage advisor" the guy there is helpful and will probably answer your concerns.

If I were you, I wouldn't approach a mortgage advisor unless it's free, and instead focus on saving for the deposit and do your best to try and be patient with your current situation. Then when you're ready with a deposit, see how much houses/flats cost and move on from there

Myci85

If you haven't already, I'd recommend getting a copy of your credit report from each of the CRAs to see exactly what info is showing that lenders will see. 

Then I'd find an online mortgage calculator to put your figures into and get an idea of what you might be able to borrow, and what your monthly repayments might be over a suitable term. 

Depending on your career type, some lenders will lend beyond retirement age if either you are in a job you could easily continue beyond that age (eg office work rather than hard manual labour) or can evidence a good pension scheme. My partner was 42 when we got our mortgage, and they agreed to a max 33 year term. 

monkey-fingers

Clearly, it depends on what you can afford.

Life events (divorce and a pile of other stuff) meant I restarted again mortgage wise nearly 6 years ago at 48. We deliberately took out a 20 year mortgage (you might be surprised - it's actually not that much more than a 25 year one).

When we moved 3 years ago, we knocked a couple of years off as we felt we could afford the higher payments.

We scraped together 10% on our £220k house in early 2020 (and I mean scraped - I had to take a tax hit by cashing in my work shares, for instance, put the solicitor fees on credit card).

Years ago, my credit score was garbage, so it can be done. I had to work hard at it.

If you can get to 10%, you'll find doors open up much wider (and rates!) compared with 5%.

Chemistry777

Some lenders will lend up to 75 without any issue.  With regard to the BR/IVA that can be navigated now removed from your credit report.  Some applications will ask, "have you ever...." other lenders will ask "have you ever in the last 6 years....".