getting back on the property ladder after iva

[p.l]

Have settled IVA 3 years ago on 2003 early with cash sum from relative who i havesince paid back by selling our house in 2004 and using the profit. The IVA 6 years is actually up this year in Sept. I am marriedwith 3 children and now we have a joint income of £60,000 and are currently paynig extortionate amount of rent each month (£750 and rising)and would like to get back on the property ladder again and pay this amount or a bit more if necessary towards our own home rather than continue renting and also we want the scurity of knowing we are not going to be asked to move if the landlord decides to sell the property. We have never been in any arrears with our previous mortgages but am concerned whether we will be likely to be considered for another mortgage with the history of the IVA behind us ? And if we do, are the rates going to be such that we could never afford the repayments anyway ?
We have learnt our lesson regarding debt and manage ourselves financially now and just want to be given another chance.
Advice please ??
Learned her lesson big style

[Welsh Boy]

p.l

Welcome to the forum, In answer to your question mortgage lenders would consider your application on it`s individual merits and do indeed lend to those who are either in an IVA or who have concluded one. the important fact being was the IVA " conducted satisfactorily", simply meaning confirmation from your IP that it was. The rates are not that penalising but would reflect pass difficulties, as I stated earlier each case is looked on based on it`s individual merits.
Hope this helps-Tony

[DebtDummy]

p.l yes you can get another mortgage. Like Welshboy said the interest rate will reflect past problems. To give you an idea of what it could be get 3 mortgage brokers and let them do the footwork or fingerwork. Give them a price of a house, your financial facts, and see what they can offer for an interest rate.

I did the other day because I was curious what effect a bankruptcy would have on me and my hubby ever owning again. I was told 6.9 % 2 years after being discharged; and 10-15 % as a downpayment.

I wish you success.

All I have left is my humour.

[p.l]

Thanks for giving me hope. I will pluck up the courage to do some asking with a few financial advisors now I know we wont just be laughed at . Just feel disheartened that weve been thrugh the hell and even now weve paid our debt and waited the 6 years still being treated like an outcast. Was rejected for a new mobile phone contract once they checked our credit file. Laughable as we wre trying to get a better deal to save us money !! Seems once you get in debt they do all they can to keep you there ie. make you pay higher interest rates etc. Doesnt make sense.Stiil nice to know that there are others going through the same thing and coming out the other end
Thanks again

[christian.p]

Hi when I was going through the process of setting up my IVA last year, we looked at downsizing our property and getting a smaller mortgage. We used purely mortgages to perform the searches on our behalf and we were offered a mortgage in Principle from Chelsea building society, offering us a mortgage at a slightly higher than normal rate upon satisfactory completion of the IVA. This was a major stipulation that the IVA was COMPLETED without issues.

We did not proceed due to the introduction charges (over £1000!) for setting up the mortgage ans subsequent redundancy.

We were also advised that some companies such as Chelsea have mortgages available for people who have completed IVA successfully through a subsidary company called Prospect without any problems and the rates are only slightly higher than the average high st bank.

Again, this mostly comes down to individual cirmcumstances, Income and affordability.

Hope this helps!

Christian

[neverending]

Hi
You should find that after September you will be able to start building you credit again as the record of your IVA will no longer be on your credit file.
As for mortgages you should have no problems as long as you have at least a 15% deposit,but I would suggest using a broker.
regards