Mortgage post IVA

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simon1973

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Post by simon1973 » Sun Oct 03, 2010 12:08 pm
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I completed my IVA in June, but it doesn't drop off my credit file until May 2011.

Am I better to continue renting until then and look for mortgage in May or is it worth trying to get a deal now. I haven't got savings for deposit at moment which I know will restrict me, but I have seen a couple of website with 100% mortgages and adverse credit.
24/05/10 IVA completed :)
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kallis3

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Post by kallis3 » Sun Oct 03, 2010 12:12 pm
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I would wait until you are totally free of the IVA. You're unlikely to get a mortgage at the moment and I would be wary of those websites - I think you may find the interest rate is extremely high.
Sharing from experiences of dealing with debt
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Adam Davies

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Post by Adam Davies » Sun Oct 03, 2010 12:15 pm
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Hi
Be very wary of any company talking about 100% mortgages with adverse credit.You would find it very hard to obtain a 100% mortgage with a spotless credir record.
Wait until you have a 15-20% deposit and until the IVA is off your file
Good luck
Regards
Andam Davies
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luluj

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Post by luluj » Sun Oct 03, 2010 1:21 pm
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I have been in touch with a couple of brokers recently who have said that even with a 20% deposit, it is unlikely for anyone in an IVA or just finished an IVA to be given a mortgage. Suggestions have been you need more of a 30-40% deposit before you would be lucky and then it would be at a higher rate !
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MelanieGiles

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Post by MelanieGiles » Sun Oct 03, 2010 2:48 pm
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The latest deals I heard about were 65% loan to value - and most people would struggle to find a deposit of 35%. Let's hope the mortgage industry relaxes this restriction against people who have repaid their creditors under successful IVAs before too much longer.
Regards, Melanie Giles, Insolvency Practitioner
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polar

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Post by polar » Sun Oct 03, 2010 9:19 pm
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How long do you class as just finished an iva?
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kallis3

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Post by kallis3 » Sun Oct 03, 2010 9:27 pm
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I believe Melanie answered on a previous thread saying that two to three years post IVA and you may be looked at favourably.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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