We settled early on our iva dec2014 and with our current property will have a 5% deposit we both work and have not been in any other debt will we be able to get on the help to buy scheme? Thanks
There are some specialised advisors on the board who can help with this but your IVA may stand in the way despite you having completed it.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
You will find it very difficult while the IVA is showing on your records ( 6 years from the start date). But have a word with Ryan and / or Shaun who have lots of experience in the adverse credit field. You can fine their details by going here and scrolling down to the experts details section.
Hi,
Sorry to say this is not possible.
You would be able to get a mortgage with a 5% deposit after the 6th anniversary of the date you entered the IVA, do you know this?
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
'Help to buy' mortgages only avaliable from participating Banks.Brokers here can't do it.I know as Shaun Vickery told me 2 years ago on the phone.The iva record disqualify it virtually.
As for the bog standard 5% deposit mortgage you have to score very very well on the banks 'credit rating'.
NOT as good as the 5% deposit 'Help to buy'mortgage been extended till 2020.
Last edited by nonewdebt on Wed Mar 18, 2015 3:52 pm, edited 1 time in total.
Nonewdebt,
If you really need to post when someone is looking for mortgage advice, please can you get updated on the current position on HTB mortgages, before you start advising people they cannot get them via brokers.
This is definitely not the case, HTB mortgages are mainly obtained via Brokers, as we have access to all of the schemes/deals.
In Sarah's case it would seem the IVA has been registered within the last 6yrs, this being the case, she would not get ANY mortgage with only a 5% deposit, not just HTB nor just through a broker
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
I have a question Ryan? You offer 5 percent deposit mortgages on Help to Buy and not just 5% deposit mortgages.
When did that happen?It is the first time I heard you mention it here.I searched the forum.
Shaun V has never even talked about it here and the other guy who was advertising Iva mortgages never mentioned Help to buy scheme.
How many HTB mortgages have you secured here with previous iva candidates?
Just to be Crystal clear so I understand you clearly.
Last edited by nonewdebt on Wed Mar 18, 2015 10:37 pm, edited 1 time in total.
Sarah asked can she get a HTB mortgage whilst the IVA still shows on her credit report, i said no.
So what is it you have an issue with?
If you search the forum you will find i have helped a lot of people obtain mortgages after their IVA's.
Why would Foggy and Luluj recommend me otherwise?
How would i become an Expert not a Novice?
This is Sarah's post, not your billboard to ask random questions you have not had correctly answered before.
If you want to know something specific that is relevant to you please can i ask you to post a question on the forum or questions. I can then answer you directly
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
I have a problem Ryan believing that after an iva is cleared from the records,the banks will score someone with a very high credit rating with that debt past known, compared with someone who have not.
95% lending require the best credit rating...to point of saying no previous debt defaults.
Even with a good deposit, 95% LTV is very strict in qualifying for.
5 years of an iva with no credit history to evaluate ,how can anyone be scored high on a credit rating.
Would you personally lend large sums to someone with no lending history but defaults.
Common sense Ryan.
Last edited by nonewdebt on Wed Mar 18, 2015 11:46 pm, edited 1 time in total.
nonewdebt,
Your comment 'Even with a good deposit, 95% LTV is very strict in qualifying for' just proves you have no idea, it does not even make sense.
Please stop taking up space on this persons important question for your own gain.
As i said, my contact details are below or if you want a public debate, post a question on the forum aimed at me for us all to see
Thank you and goodnight!
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
When I say 'good deposit' in regards to htb mortgage I mean 5% of the cost of the property of what ever the cost up to 600k of the limit.That is factual.What is incorrect about that?
I had an illustration drawn up by a house seller in Leeds with the breakdowns so I think I know how it works.
With the nation mired in massive debts till 2020 for over borrowing,I don't think much of 95% LTV personal lending in large sums. If it must happen only those with the highest credit standing should be given it and coming out of an iva,I doubt the banks would say 'we are good for it'
Last edited by nonewdebt on Thu Mar 19, 2015 2:32 am, edited 1 time in total.
With regard to HTB mortgages, I looked into this a little while ago. Below are the confirmed rules:-
Do I have to pass a certain credit score to be able to apply for Help to Buy backed mortgages?
All borrowers need to pass lender’s standard criteria. As a matter of routine, lenders will carry out their normal credit and affordability checks on all borrowers. Mortgages supported by the Help to Buy guarantee scheme cannot be granted to credit impaired borrowers. This means borrowers who within the last two years have owed overdue payments equivalent to three months’ payments on any type of loans, had a County Court Judgment over £500 or bankruptcy order within the past three years will not be able to access mortgages under the Scheme. Lenders will also check that borrowers can afford the mortgage and will ask for proof of income.
Last edited by mole on Thu Mar 19, 2015 2:37 pm, edited 1 time in total.
Thank you Mole,
nonewdebt - If you read the extract below you will see they only refer to late payments within the last 2yrs, bankruptcy/CCJ's within the last 3yrs
Why can't someone who had an IVA over 6yrs ago use this scheme?
There are 95% mortgages that do not use HTB also.
If you have nothing positive to say, then i suggest you don't say it, especially when you are wrong and have no idea.
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
Appreciate Mole for posting this htb info.I read this and it is an application criteria.
But what it does not tell us is will having had an iva recent history will affect your success. This htb is a very special mortgage and unlike the other mortgages where you can up the deposit and increase the interest you pay to lender to spread the risk and reward lenders, the htb loan is a very high 95% loan with competitive interest rate. You will need to score the highest rating with the bank in a way you would not with a 80% loan or less.That is a fact I was told.
I believe that a recent iva past can affect the chances of success. The bank could offer an alternative offer but htb is the one you really want.We know that the iva history will take time to sink forever and not affect us but that takes time.
I am not saying don't apply but without the evidence to say the recent iva has no affect on the htb loan scoring I will stick yo my guns.
It is wishful thinking to ignore the details.I am not going to be positive about it unless evidence suggest so.No evidence suggested to say my cliams are scare mongering.
I would love to say I am wrong!But need proof.
Apply let us know.
Last edited by nonewdebt on Thu Mar 19, 2015 7:08 pm, edited 1 time in total.
