www.iva.co.uk

I think I already have the answer to my query but ever the optimist, here goes:

We are 18 months out of our IVA, and credit files are all sorted now. This week we have accepted an offer for the full asking price of our house and are hoping to move in the next couple of months.

We have been in regular contact with Ryan (directed to him from here), who has been extremely helpful and we would recommend anyone with mortgage queries to speak to him, but he is no longer able to help us mortgage wise as we cannot raise 20% deposit.

What we need to know is, does anyone know of another, legitimate, company out there able to access a mortgage with say a 10% deposit??

We are under no illusions and have a back up plan of saving the rest of the deposit while we rent, but there is a lovely place we have seen and we want to explore all possibilities before resigning ourselves to the fact it won't be ours!!

Hi there, I do believe earlier tonight I read on here that Shaun (another mortgage expert from the forum) mentioning a 15% deposit. I do realise you say you've only 10% but didn't know if it was worth a second opinion with him.

Sorry to hear your troubles with this. Ryan is a good guy and will only guide you to the truth ..on this occasion he is unable to help, but as you say he is highly recommended.

I too read Shaun's post so it is worth a call to him to see what can be done.

What about going into rented for a year or two to help build up the extra deposit needed? May be an option....

I do find it odd that 18 months outside of an IVA and with a clear credit history that 20% deposit has to be stumped up. Was this because of being an ex IVA'er and this had to be admitted or because a specialist advisor was approached? Otherwise would 'normal' criteria just be required? I'm asking as recently starting this IVA journey and not 'owning' a house, we were thinking of giving it a try in 5-6 years time. However, if despite being out of an IVA it is still causing problems with lending/mortgages, it does make you wonder that without already having such an asset, whether it's worth trying to pay back what you can by going into an IVA and alternatively just going bankrupt as the same stigma appears to apply. Are ex IVA'ers having mortgage/lending issues and does that carry on forever?

Advice from here is that people who have experienced debt problems are best advised to get advice from a mortgage broker who deals with the whole of the market. All lenders will ask a question about previous financial history ie. have you ever been in an IVA or are you in ....it depends on how this question is asked as to what your answer is ...have you ever been ...is a Yes, whilst are you in is a No.
Truthful answers at all times on mortgage forms are required otherwise you will come unstuck and potentially forfeit any mortgage approvals in the future.

Ryan is a broker who deals with the whole of the mortgage for all client groups, not just those that have had financial difficulties in the past. He has access to a wide range of products - it isn't impossible and he has proven this by helping over a dozen people in the last twelve months from this forum - you have to be prepared for a higher rate and possibly a slightly higher deposit ! Never say never !

Thanks for the reply. So, if an application does not mention an IVA, then I guess normal rates apply? If not and the question is asked 'have you ever been insolvent or in an IVA' then are you typically looking at a 20% deposit, which is probably far beyond an average IVA'er can afford and definitely not save for within an IVA? Also, are you likely to still be hit with higher APR's and deposits even for example, 10 years after an IVA which is ancient history and probably bears no resemblance to the financial position you may be in at that point. In other words, does the IVA 'label' ever end?

Hi, it is worth asking other brokers, we have had a mortgage offer through a broker with 10% deposit. We are first time buyers so not sure if that's why and I guess it depends on other circumstances.

An IVA is a lifelong nightmare!!!
pity we are not told of the reality of this when the IVA is 'sold' to us by our IPs pre IVA.