Post IVA Mortgage Suitability

[roscoewigan]

You will need to wait until 6 years after the date your IVA started then u will have a clean rating and get a mortgage no problem. I would advise you get a credit card to rebuild your credit score, I got a capital one and as long as you pay it in time it will build your score.

The IVA will fall off at midnight on 6th year anniversary of the start date.

Good luck

[roscoewigan]

I know this is the case I we are exchanging contracts next week and we only had a 10% depost on a 110k house.

I hope it works out for you too. You just might need to wait a short while instead of struggling with a huge deposit

[kallis3]

I'd like to know who you used - we don't know of anyone on here who has been able to source a mortgage with that low a deposit after a short time.

[plasticdaft]

I too would love to know who is being used for post iva mortgages and what rates are involved.

Paul

[luluj]

Mine is with a subsidiary of a high street lender who deals with ex IVA / Bankrupt people - the interest rate is very high for the first 12 months - 9% variable , but after that you can reduce it down - for me this is fine as we have the ability to pay the high rate and it serves it's purpose rather than wait until 2013 when the IVA drops off - for others it may not be suitable, as as already said they would only loan us 50% LTV - again I was able to do this due to inheritance from my beloved god mother !
Had we not had the inheritance we had been told we would need to wait for at least 12 months after the IVA had finished, and then would need to have a 30% deposit as a minimum to stand even a glimmer of a chance of finding a lender !

[plasticdaft]

Lulu what rate does it drop to after 12 months and were the set up fees comparable to a mainstream lender?

Paul

[luluj]

After 12 months my broker says he will get it reduced down to 5-6%, and then again the following year back down to normal lending rates (if they aren't already 5-6%!!).
Fees have been £300 for broker, £1295 for mortgage set up by lender which have been added to Mortgage for now.
There is no early repayment fee so when I change in 12 mths time no penalty !

[kallis3]

I think it's an excellent deal and should give some of our posters hope.

[animaleyes76]

I'd be interested in the details of the broker if you are happy to forward them as well

Cheers

[kallis3]

I can send your email to Luluj if you want?

[luluj]

Fine with me Jan

[kallis3]

I've sent your details to him Liz.