Buying a Property

[JohnMilne]

Looking for some advice here and if anyone has any previous experience with this....so

I’m 25, partner is 22, when I entered this IVA I had car finance credit cards etc I was 22 years old and got made redundant. So didn’t have much options. Since then I have a steady job. (50k per year) we are at the stage where we want/need our own place. My issue is I can’t do nothing, feel helpless as I obviously can’t get a mortgage. Trust deed ends june 2021 and then need to wait after that. And the next issue is she only makes 21k per year. So can only obtain a 95k mortgage. Which barely gets you anything where I’m at. Together we can get 350k ish. But we can’t. We want kids etc and are ready. Financially we are good. But I tell her not untill we get our own place...but we can’t as all we have to go on is a single applicant (her) at her wage of 21k....where my 50k can’t do nothing. Any advice or tips or options appreciated

[Foggy]

You will, in the current climate, probably find it hard to get a mortgage at all, regardless of the IVA as so much is uncertain, due to corona virus. Currently you cannot meet advisers or view properties anyway. By the time the dust settles you will be, probably, 6 months closer to the end point. You will both be the better side of 30 -- still young enough to get things started. Play the long game and you will be starting home ownership in a far better financial place than many buyers !

[Shaun Vickery]

Hi John. Whilst I totally appreciate your frustration from a personal perspective, I'm afraid the reality is that, whilst you are in a Trust Deed you are incredibly unlikely to be approved for a mortgage, even under normal circumstances. On the back of COVID-19, lenders are withdrawing products and changing criteria to make it even more difficult. I'd agree with Foggy, let the dust settle on all of this first and then have a look and see what the world looks like.