Do I need to wait till iva has dropped of my file for mortgage?

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hannah887
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by hannah887 » Tue Aug 22, 2017 5:31 pm
Hi, I have recently just completed my Iva and have my completion certificate. The iva is due to drop of credit file 18th may 2018.
My question is, is it possible to get a mortgage now or do I need to wait till iva has dropped of my file?
My husband currently has a small mortgage with nationwide and we was hoping I could be added to the mortgage with the intention of borrowing more.
My husband mortgage Is a shared ownership mortgage of £47,000.
We put a deposit of £30,000. We would like to borrow a further £45,000 by adding myself to the mortgage.
Any help and information would be much appreciated. Many thanks.
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Foggy
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by Foggy » Tue Aug 22, 2017 6:17 pm
It is possible, but difficult, to get a mortgage with the IVA still showing, but the interest rates will be eye watering --- far better to wait out the year (and save some money) before trying. Have a word with one or both of our resident mortgage experts, Ryan and Shaun. They are experienced in adverse credit applications.

Their details can be found on this link and scrolling down to Industry Experts ( in yellow):

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luluj
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by luluj » Tue Aug 22, 2017 6:37 pm
Agree with foggy ... difficult to do so would benefit from expert advice from either Ryan or Shaun.
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hannah887
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by hannah887 » Tue Aug 22, 2017 7:20 pm
Thank you for your replies. I did think I would be better off waiting till it drops of my file, just a bit of wishful thinking on my part.
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Ryan
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by Ryan » Wed Aug 23, 2017 7:24 am
Hi Hannah,

As well as the interest rates being high it is also unlikely that Lenders who may lend now would look at niché areas like shared ownership sadly.

Regards
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hannah887
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by hannah887 » Wed Aug 23, 2017 12:34 pm
Ryan wrote:
Hi Hannah,

As well as the interest rates being high it is also unlikely that Lenders who may lend now would look at niché areas like shared ownership sadly.

Regards


Thanks Ryan for your input. Its looking like I will be better of waiting till the IVA has dropped of my file.
Just out of interest, once the iva has gone, would a lender then entertain the idea of a shared ownership mortgage?
Any information and help is appreciated.
Many thanks.
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Ryan
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by Ryan » Wed Aug 23, 2017 12:41 pm
Yes we have access to High Street Lenders who will look to lend normally 6 years after the IVA began, including under things like Shared Ownership and also Help to Buy.

Regards
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hannah887
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by hannah887 » Wed Aug 23, 2017 12:46 pm
Ryan wrote:
Yes we have access to High Street Lenders who will look to lend normally 6 years after the IVA began, including under things like Shared Ownership and also Help to Buy.

Regards


That's great, thank you for your help. It's just a relief to know that there is light at the end of the tunnel.
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