specialist mortgage recommendation

[ellis9905]

we are currently 2 yrs 3 months into our IVA, we have never missed a payment or defaulted. We currently live in private rented accomodation. In the village that we live there is currently a small number of new build shared ownership houses being built.

We want to apply for one of these properties- obviously we need to obtain a shared ownership mortgage,after an internet search we have found several companies claiming to offer Suitable mortgages- we were just wondering if anyone could offer us any recommendations of companies- rather than just picking from a list of companies that we dont know if there good bad or indifferent!

Many thanks
Hayley

[Shining]

I'm not sure if you could get a mortgage whilst in an IVA and if you could I fear you would need a large deposit.

Don't take my word though please wait around for a professional poster.

[ellis9905]

sorry should of said in my origional posting, we're trying to obtain a mortgage for a relativly small amount, the total house price is £140,000 - were looking to try and purchase 40%, cost of £56,000. we have a £10,000 deposit ( to be paid by my grandfather specifically for a deposit upon a property) leaving us trying to raise a mortgage for £46,000

when we began our iva just over 2 years ago we were told that it was possible to still obtain a mortgage, however over the corse of the last year or so and the dramatic reduction of mortgage types avaliable this is now starting to look unlikely!

[Shining]

I do hope you can sort something and if we keep this bumped up one of our professionals may have some advice for you. x

[kallis3]

I do agree with Lesley that you may find it difficult to get a mortgage whilst in an IVA.

I'll bump this back up again.

[MelanieGiles]

Usually the developers have links with mortgage lenders who will be able to advise you as to whether you would qualify.

Are the new combined mortgage and rent payments going to be equivalent to your current rental payments?

[ellis9905]

Hi melanie, from using the online mortgage calculators then the difference between our current rental price of £550 per calanacer month and the total cost of rent and mortgage on shared ownership at £529 is just £21 differnece.( obviously this is at a higher interest rate)
The housing association involved has no guidence as to where to apply for a mortgage, it is down to each applicant to source there own.

Many thanks

[MelanieGiles]

Try a company in Salisbury called Spire Mortgages. They are known to find mortgages for people in financial difficulties and may be able to help you.

And do bear in mind that interest rates are bound to go up over the next year or so, so what may appear affordable now might become a nightmare to pay if rates rise by a couple of percent.

[ellis9905]

Thanks Melanie, will give them a try tommorrow- and very sound advice about riseing interest rates.