Mortgage after iva.

Legacy_user · 4 January 2019 at 4:07PM

Hi all. After completing our iva. It's 6 years since we started it, we can now save up for a deposit for a mortgage. Has anyone had many difficulties obtaining a mortgage? Particularly a 1st time buyer/help to buy mortgage? I know I could go to a broker who specialises in adverse credit but to me that's an added cost I would rather avoid. Anyone recommend a lender?
Thanks.

Mermaid89 · 4 January 2019 at 4:38PM

I don't have an answer but didn't want to read and run. Seriously reconsider the use of a broker as a good one will be worth their weight in gold. Creditors don't like adverse credit. You say your IVA started 6 years ago but when did it complete?

Craig1981 · 5 January 2019 at 7:51AM

i would 2nd the above - use a good broker - doesnt need to be one who specialises in adverse credit.

how long will it take to save up for a deposit? have you started to repair your credit history?

ACG · 5 January 2019 at 7:33PM

Lenders typically go off the date you finished the IVA rather than the date it started.
If you have been discharged less than 3 years you will need a broker due to the only options being available are through a broker. Once you have been discharged 3 years, there are a couple of normal lenders but not many and fitting criteria does not mean you will be accepted, so you may even need a broker in 3 years.

Mortgage after iva.

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