Mortgage Advice

[DBassnBanjoman]

Hi,

I wonder if anyone can confirm if this is true. We finished our IVA last October (2010). Because my mother passed away we have a decent deposit to put down on a house. We've been told that because (at the moment) our debts still show on our credit report (as satisfied) we are unable to get a mortgage.

Because of timing some of the defaults on our credit file won't come off until December but we have been told that we still won't be able to get a mortgage for another 2 or 3 years, unless we can put down a 50% deposit.

Has anyone been able to get a mortgage recently?

Thanks in advance for any advice

Sean

[kallis3]

Hi Sean and welcome.

Sorry to hear of your mothers death.

You may well be able to get a mortgage as a couple of posters have done so recently.

Try a whole of market broker - they may be able to assist.

Make sure there are no defaults registered after the date of the initial IVA acceptance, if so then you need to get them removed. Otherwise, come October this year (as long as you didn't do a full and final) then the IVA will drop off your record which will be a big help.

[DBassnBanjoman]

Hi Jan,

Thank you for replying and for your condolences.

Sorry but I don't understand what you mean by 'Full and Final'. We checked our credit report at Credit Expert and although the defaults are listed there they all show as satisfied. My understanding was that after December these will go and our credit score will be much better - that's what we were told and seems to be what you are confirming.

Can anyone give us the details of a 'whole of market' broker?

Thanks and regards
Sean

[kallis3]

A full and final is where you pay off your IVA early with a lump sum. If it wasn't then come next month your IVA will drop off your record. If there are any defaults showing after that date then you need to get them removed.

Your credit rating will need to build up again, obviously things like a mobile phone contract and your bank account etc being up to date will help.

[DBassnBanjoman]

Thanks for the info Jan. We'll look into finding a Whole of Market broker and see what they can offer.

Will keep you posted.

Thanks again
Sean

[luluj]

More than happy to share my broker details with you if you would like them - let me know on here then admin will send me your email address and i will email you.


We got a mortgage in April this year with a 50% deposit with a broker who looked at the whole of the market - he had also successfully got products for other forum posters recently so he may well be able to help you.

Let me know ....

[admin]

Many thanks luluj for the contact details of the broker concerned. We are awaiting details from him to install him as an expert on the forum.

[DBassnBanjoman]

Thanks for the offer and sorry for the late reply. We don't think our deposit would be enough for a 50% mortgage. We'll just have to save up and keep renting until we have a big enough deposit

[luluj]

Since I got my mortgage the level of deposit has changed - it might still be worth you speaking to someone to see how far you have left to go or whether what you have already is sufficient - if you want the details let me know

[s27]

luluj. Could you forward your broker details to me too please?

[luluj]

Yes - will do

Kallis - can you arrange to send me s27's email address please

[s27]

Pretty please Kallis???

[kallis3]

Sorry, only just picked up on this!!!

Will do!!

[kallis3]

I've sent it s27 - she should hopefully be in touch with you soon.

[luluj]

Thanks - email on it's way now !