any chance?

[keliberly]

hi found this site and found it to be informative and helpful....
i have an IVA which i'm hoping to repay early by december this year instead of july next year.
when would be the best time to apply for a mortgage as we're now looking to buy instead of just renting. from what i have read being in this situation i would need a hefty deposit does that mean the 10% won't be applicable? if not how much do i need?
would it affect things if i am a keyworker?

any reply/advice would be greatly appreciated

[kazzafunk]

Hi keliberly - welcome to the forum.

Even if you settle the IVA early, your credit rating is still shot for 6 years from the date of acceptance of the IVA.
It is unlikely that you would be able to secure a mortgage after this time with a 10% deposit. Someone on this forum has recently managed to secure a mortgage with a 50% deposit.
You would probably need to start building up a good credit rating after the 6 year period (from the start of the IVA) and keep on saving! Of course things can change so by the time we get to July 2013 or later then it may be easier to obtain a home loan (it can;t possibly get harder!!)

[keliberly]

thank u for that vital information....guess we should start saving now )) will be hard but never mind !

[MrsKnight]

Hi keliberly - welcome to the forum.

Firstly congratulations on getting so far in your IVA & best of luck with finishing it early.

Im in the same boat as you when the IVA is over & unfortunately have to agree with everything Kazzafunk as said above.
Once the 6 year period is over, start checking your credit rating with the 3 main agencies just to make sure everything is as it should be. This is just to help with knowing your score, save up as much as you can, yes you will need more than the average percentage that mortgage lenders request from those with good credit ratings.

Good luck with it & let us know how you get on with completing your IVA x