Guarantor mortgages

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Pigger479

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Post by Pigger479 » Sat May 09, 2020 9:15 am
Hi,

I entered into and an IVA 2017 which I managed to close in July 2019. My partner is still in a current IVA which ends in approx 3.5 years. My question is do we have any options regarding mortgages? I know my parents are willing to help us and I am saving money at the moment and am
Hoping to have atleast a 20% deposit on top of a guarantor. Would this even be possible with my partners IVA active or are we just going to have to sit this out ? I’m not sure I could get a mortgage without including her salary ? Any advice or help would be greatly appreciated. We have learnt our lesson the hard ways when it comes to debt and we would just really like to see homeowners being part of our future !!

Foggy

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Post by Foggy » Sat May 09, 2020 9:44 am
For the sake of a few years I would wait it out. Any mortgage you might get now will be sub-prime and probably crippling. Also bear in mind that, with an enormous recession on the doorstep, house prices are likely to tumble and it would be better to buy once they hit the bottom and are back on the way up. Negative equity is no good thing --- but even worse when the interest rates are eye watering !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Pigger479

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Joined: Tue May 16, 2017 5:07 pm

Post by Pigger479 » Sat May 09, 2020 10:12 am
I suppose If I waited the four years until both IVAs are gone we could have sizeable deposit and more options. Thanks for the info

Shaun Vickery

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Post by Shaun Vickery » Sun May 10, 2020 5:33 pm
I'm afraid that, most certainly whilst your partner remains in an IVA and assuming you need her income included for the application purposes, there's no chance of being able to secure a mortgage at present. Sorry it's probably not the answer you were hoping for but hopefully it at least helps you in your decision making.
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Lisa Thomas

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Post by Lisa Thomas » Tue May 12, 2020 12:58 pm
Slightly off on a tangent but if your parents have some funds to help and you have some savings perhaps you could help your partner with a full and final offer to end his IVA early? He can then start saving any surplus income.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

luluj

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Post by luluj » Thu May 14, 2020 2:09 am
Sit it out, save as much as you can and ride the forthcoming recession ... its gonna be a rough ride for a couple of years for us all.
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There is a solution for everyone .... Just need to stay positive !

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