Iva completed

[Michael Peoples]

The main problem is the lack of mortgages available to everyone but in particular those with some adverse credit. No one knows how the banks will operate so it is impossible for the IP to say you can or cannot get a mortgage post IVA. There used to be huge numbers of products available including self cert and interest only and these mortgages were available to people in IVAs. I only know of one company who currently remortgae those in IVAs but this may change in the future.

[Hair_bobbles]

I thought that might be the case (thanks Melanie) . You have to be so careful. That's why after reading some horror stories I am so grateful that we ended up with mc Cambridge Duffy. They are a professional firm who dealt with us at a professional level & sorted things out for us without stitching us up!
I don't think we've intentionally been mis sold an iva but I do think upon reflection that we should have been more informed about all our options & it made very clear that an iva will forever blot our landscape!! for us we wouldn't have had that false hope of everything being ok & getting a morgage at the end of it.
My husband is self employed ( & earns a fair amount) but we have no pension. We needed to buy a house as security for somewhere to live in our old age & start saving for a pension. Renting really will be dead money for us now. & having done calculations for future savings over the next 20 years- in theory we could save enough to buy a shoebox outright but then we would have no money to live on.

You can see why I'm feeling a bit miffed about the whole thing!

[MelanieGiles]

There is nothing wrong with renting a property - many people do and live very nicely without the burden and often insecurity of property ownership. In Europe, only around 20% of couples ever end up owning their own properties, so don't be too concerned if this option takes a little longer for you to avail of - of that is really what you want to do.

[Hair_bobbles]

I do agree that in the uk we are obsessed with owning a property. We've been renting for 8 years - we have owned in the past but due to a horrendous continuous experience with some nasty neighbours we literally upped sticks & moved into the house we are still renting now. It took a year to sell our house & at lower than market value.Running two properties at the same time cost us dearly financially,,however the relief I felt to be secure without the verbal abuse ,loud late night music, hammering on the walls & unreasonable behaviour was worth the hassle of the iva. the house we rent is our home ( altho its falling to bits but not my problem!) & there are definitely so many plus's to renting. for a start if you get bad neighbors you can just move -
I'm worrying about where we are going to live in our retirement years although we do have 4 kids & we keep telling them they're going to have to pick up the slack & look after us in our old age!

[MelanieGiles]

Quite right too - and exactly what I tell our three! I am sure it will all work out for you in the long run, but renting for a little while may be cheaper, and allow you to save up for that deposit you will need if you do decide to go for a mortgage. Remember that interest rates cannot remain the same forever, and that the cost of secured borrowings could make the whole thing unaffordable for you, and nothing worse than finding yourselves in debt once again.

[luluj]

Ryan at Zebra Money comes recommended on the forum, as does Shaun Vickery ... Both have experience of mortgages for people who have experienced debt in the past.

Best wishes

[Hair_bobbles]

Thanks luluj, I've given zebra a call

[Shining]

Ryan and Shaun have helped posters so well worth a ring. x

[Hair_bobbles]

I have spoken to zebra money- briefly explained our circumstance & told them we didn't know getting a morgage was going to be a problem after IVA & he said "they have found this alot". Anyway,,the news was positive so we may be able to get a morgage after all. & quite even possibly the new gov backed 95% morgage- however until we have saved up the deposit & have a clean credit file we're not going to try for one.
Oh & I asked if it was really necessary to get a credit card to build up a credit rating, & he said no- because a mobile phone contract etc & being on the electoral role does that for you.
We do not want a credit card- not even for "emergencies",, we've learnt the hard way how to manage without one!!

[MelanieGiles]

It is great to know that the option may be out there for you - not get cracking on saving up that deposit!

[Hair_bobbles]

My car conked out....it's in the garage..waiting to find out what needs doing- there's goes this months deposit savings!!