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My partner and I are currently in an IVA and privately renting. Ideally we would like to buy before the 5 years are up (5 years renting just seems a depressing thought), where do we stand when it comes to getting a new mortgage. I see websites for remortgages etc but not new. How much of a deposit will be needed? Where would we stand with applying for help through a 70/30 scheme as they say you can't have debt outstanding in loans - being in an IVA, I am aware we had to default to get there, but before that we were not even a month behind with payments. Being up to date with the IVA, would that be satisfactory.

Sorry for shooting questions left, right and centre, would just like to know where we stand.

I appreciate any advice you can share with us.
I read a name and number of some one you recommended for mortages on the forum, I wrote it down quick but cannot find it. I was wondering if you could recall this information

Hi Debbie and welcome to the forum

You will generally require at least a 10% deposit if you are in an IVA, and perhaps 15% is more realistic. Take advice from a mortgage broker who specialises in adverse credit lending for more definitive advice as to what is available.

As you are in an IVA the deposit monies would have to be fortcoming from a third party, as if you have that spare cash then it should be handed over to your IVA supervisor in any case.

You will need to check with the sellers of the 70/30 scheme whether you are eligible as even though you are in an IVA you are still in debt. I am sure that your IP will be more than prepared to give you a glowing reference though if this is needed.

A good mortgage broker to use is Tony Parsons of All Mortgage Products.

http://www.allmortgageproducts.co.uk/

I have enclosed a link to their website - which includes Tony's personal e-mail address which you might like to try.

Good luck in your search.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thanks for the info, at least we know where we stand, as to where to go from here!