Hi,
I'm in the 3rd year of my IVA and my partner and I are wanting to look at buying a house once we've completed our repayments in a couple of years. What's the best course of action for finding a mortgage once you've completed your IVA please, and how much of a deposit would we need to save? I'm aware that things can change within a 2yr period re the criteria but a rough idea and any advice would be much appreciated. Just want to get a plan in place. Many thanks.
Use a mortgage broker, we have several who post on here. The bigger the deposit the more options are available, I would guess a min of 20-25% would be needed
Regards
We have the forum mortgage experts in Ryan and Shaun ... they are brokers in the whole of the market and cone recommended. There contact details can be found under the sections ask the experts Or via the A-Z of members.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi Sarah,
Once you have your completion certificate you will need to obtain your credit files from all 3 of the major credit reporting companies. Then you have to clean these up, as there will be a number of accounts that have defaulted you after the IVA is dated.
Whilst the IVA is still showing you would need at least a 30% deposit, but after the 6th year and it is removed from your file i would be able to get you a mortgage with only a 5% deposit.
Hope that helps
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
Thanks ever so much for the advice everyone - much appreciated. Will do as you advise Ryan and hopefully be back in touch in about 3 years!
Many thanks.
Would not want 95 or 100 percent mortgages these days.No thanks.Just like making minimum payments on loans. It takes longer to pay off and accruing interest.
Make sense to save for the lump sum and borrow less for the LTV.
125 NRAM mortgages fell out of favour even for those who took it.
Nonewdebt ... everyones circumstances are very different and that is why we recommend the use of a broker.
We have brokers who have helped a considerable number of forum members who having lived through their iva's have been lucky enough to secure mortgages often at different rates and levels of deposits - whats right for one won't be right for another.
If like me it was important to gain a mortgage as soon as the iva finished I didn't care it was a higher interest rate or the deposit was higher than normal to start off with.
Each to there own as they say - agree totally that 100%+ mortgages are certainly a thing of the past !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Absolutely.Everyones circumstances are different but everyone also wants to pay less for everything from groceries to servicing loans.This is where everyone wants the same despite being different.
The country is not Greece but with 80% public debt over gdp,and deficits and austerity for a lifetime I think borrowing less is not a bad thing in all circumstances.
