any posibilities to get a mortage at the moment?

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steven.eo

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Post by steven.eo » Tue Aug 03, 2010 9:57 pm
hello, I have six months left on my IVA(thanks god), we are currently renting a house for 900 pounds and our income is about 2600 per month. We really want to buy a house now, we can put together about 10% for deposit, my wife has excelent credit score and me too, if wasnt for the iva. Are there any posibilities out there for us to get a mortage at the moment? thank you
 
 

kallis3

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Post by kallis3 » Tue Aug 03, 2010 10:29 pm
Hi and welcome.

I'm afraid that you are unlikely to be able to get a mortgage at the moment.

Your IVA will remain on your record until 6 years have passed and you will need more than 10% deposit at the moment.
Sharing from experiences of dealing with debt
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MelanieGiles

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Post by MelanieGiles » Tue Aug 03, 2010 10:31 pm
Hi there and welcome to the forum

I don't think you stand much chance of getting a 90% loan to value mortgage once you are out of your IVA - unless your wife is sufficiently earning to purchase the property in her own right.

Where will the 10% deposit be coming from as a matter of interest?
Regards, Melanie Giles, Insolvency Practitioner
 
 

steven.eo

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Post by steven.eo » Wed Aug 04, 2010 7:56 am
Hi, thank you for your answers, the deposit will come from family, suppose we just have to wait until the things change or until march 2012, that is when is six years from the start of the iva,
anyone now if one time everything is clean of your records (in six years time) you still have to say to the mortage adviser that you got an IVA?
 
 

Shining

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Post by Shining » Wed Aug 04, 2010 7:58 am
I think if it's a question on the application you would need to divulge it but otherwise I wouldn't have thought you would need to. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Nicola.sa

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Post by Nicola.sa » Wed Aug 04, 2010 11:48 am
Hi Mel,once the 6 years is up and a credit history has been built up again is it possible to get 90% ltv mortgage or is it a case of never being able to because of previous IVA? TIA
MelanieGiles wrote:

Hi there and welcome to the forum

I don't think you stand much chance of getting a 90% loan to value mortgage once you are out of your IVA - unless your wife is sufficiently earning to purchase the property in her own right.

Where will the 10% deposit be coming from as a matter of interest?
 
 

steven.eo

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Post by steven.eo » Wed Aug 04, 2010 11:58 am
hello, thanks for your answer when you say 6 years after you mean, 6 years from the day the IVA started or the IVA finish, Iam confused with that as I spoke with someone the another day that say to me 6 years after, but I always thought was 6 years from the start, then in my case I hope I Will be clean march 2012 as my IVA started march 2006, thanks for your support I find this forum so good a shame I didnt discover before
 
 

Skippy

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Post by Skippy » Wed Aug 04, 2010 12:20 pm
The IVA will stay on your credit file for 6 years from the date it was agreed so will drop off in 2012.
 
 

MelanieGiles

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Post by MelanieGiles » Thu Aug 05, 2010 12:59 am
I think that even 90% loan to value mortgages are difficult at the moment for most people, but hopefully the markets will return in time.
Regards, Melanie Giles, Insolvency Practitioner
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