mortgage after IVA

[J70]

I have been in a IVA for 3 years and just about to put forward a variation for full and final settlement. If this goes through ok. I have a relative who would like to help me and my family get on the property ladder. With the IVA complete but still showing on my credit report for 3 more years, What are the chances of getting a mortgage for approximatly 30% of the value of the house.(70% deposit from relative). Does anyone no what types of mortgage will be available to me and what the Interest rates are for these at present. Thank you everyone for your help steve

[MelanieGiles]

I think a mortgage broker would snap your hands off if you are only looking to borrow 30% loan to value. Andrew Graveson is a broker with much experience of working in the sub-prime market and is definately worth a call. You can find his details on the experts page.

[David Mond]

I also think at that level of deposit you may be able to get a prime mortgage notwithstanding your IVA - many competant mortgage brokers can help on this. Good luck

[satbeychap]

I have been out of my IVA for about 6 months now, 18 months before it drops off of my credit history. Just been turned down on a mortgage with a 55% deposit

[Viki.W]

Oh no that's awful satbeychap, could you post some more details about the offer, it might be helpful for the forum.

[satbeychap]

Its a new build house so they asked us to use their own finance people but essentially its nationwide that they use for the mortgage. After two weeks (had to be reviewed by hand as they were aware that i had been in an iva) 'considering' my agreement in principal they turned it down based on credit scoring. I also asked about a guarantor but that would only work if my name wasn't involved with the application! I.e. my partner and someone else need to buy it and eventually I'll be able to put my name on the mortgage.
New houses are scarce in my village and the demand is high so although i have the option to find other lenders, they won't hold the house for me forever
Although i feel proud that i kept to and finished my iva early, i don't feel its benefited me in the long run at all over going bankrupt.

[MelanieGiles]

They cannot insist that they use their own brokers - why not have a work with Andrew Graveson of Brightoak who is also a mortgage broker, as he may be able to find you a deal.

[Andrew Graveson]

There are still lenders out there who will consider this type of mortgage though the current market sentiment may be reflected in the rates payable and availability.

Achieving a positive "decision in principle" needn't take long if you can be matched with the right mortgage product by a mortgage broker who understands what is left of this market. This document will often reassure sellers that a mortgage is likely to be forthcoming.

[satbeychap]

Thanks for the advice guys (and gals!). We have started the application in my dads name but everything seems so bleak at the moment that i kinda hope it fails even though i would love to own my property; i dont want to go back to having no money!

Oh, and sorry to J70 for the thread hijack, I hope you get your full and final sorted - it feels great when its done

[J70]

Hi every one just an update really Full and Final was accepted just waiting for completion certificate. We offered £7500 saving us approx £2500 as we were at our 3 year point. We looked into the mortgage market and as yet have not found anyone willing to help even with a 70% LTV. 3rd of december was our first month not having to make an IVA payment which felt great but wont believe it untill i have the completion certificate in my hand. We are now looking at a cheaper house so as to not need the mortgage as it appears we are still not able to get a mortgage in the current climate. Still start a new year a fresh looking forward to it.

[MelanieGiles]

Great news and a lovely early Christmas present for you. Good luck for the future detbt free.

[stressed1]

Fantastic- a new home and no IVA. it will be a very happy day when that happens for me !