Just to give a little bit more context around this. I Would really appreciate anyones help or advice here, as it's getting pretty desperate.
I entered into an IVA in September 2016, after 6 years of being in a debt management plan.It looked like the best solution for me, and at the time was great relief. Even more so, as the next year my in-laws offered me a lump sum to make a Full and Final settlement, and so I settled the IVA on September 17th 2017.
I received a very good promition at work, so I then set about trying to improve my credit score, and saving as hard as I possibly could with my wife, so that we could finally own a property. The savings plan was going extermely well, and just prior to the Covid crisis we had an offer accepted on a new build property using H2B, and an AIP in place which was 2.4 years after the settlement which seemed too good to be true!
Unfortunately, it was. As soon as Covid hit, the offer was withdrawn, and it was impossible to get a new Help to Buy Mortgage, and we ended up having to pull out of the purchase, which cost us £300. It could of course been a lot worse.
I am not a first time buyer,the main reason I had to enter the IVA, due to the Credit Crunch, so my wife and I have since decided that due tho the changes that are coming in with Help to Buy in March 2021, we felt too pressured on that, and have decided to lower our maximum purchase price, and look at 90% LTV mortgages.
I have had a conversation with my financial advisor, and I understand that prior to Covid, there were lenders who would consider 90% LTV mortgages for people who settled their IVA over 3 years ago (which will be me in September), but now those mortages do not exist, and I would need to wait 6 years.
I am not young, 43 years old, and I have a young family, with a daughter with health issues, and I need to get moving on this as quickly as possible. We currently live in a not great rental property, but we are living with it, as every spare penny we have goes into Savings. I am beyond frustrated, I have done everything I possibly can, my credit rating has improved (it's obviously not perfect, but is going well), we have saved the deposit,or will have very shortly, but the dream of owning a house still seems to be getting further and further away.
I know it's very unlikely that anyone will lend to me now, but is it possible in anyone's experience of the current market to get a 90% LTV mortgage after 3 years of completion of an IVA? One other slight complication is my wife is self employed, however, she has been mainly working during the pandemic, apart from a slight blip at lock down, and has 3 years SA302's.
Any help/advice anyone can offer here would be greatly appreciated. I could really do with some good news.