In 8th year since IVA started, can raise mortgage deposit through loan or credit

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
Cjtm1
Posts: 2
by Cjtm1 » Sat Feb 10, 2018 5:06 am
Hello,

RE: Mortgage after an IVA.

Our IVA finished 2015 and the 6th year was in 2016... Making May this year 8 years since the start?

I read on a number of forums of people getting mortgages a year after their IVA and some whilst still in the final year? Our problem is, is that the ONLY way we can raise a deposit is through a loan or at worst a credit card. We have seen a mortgage advisor who has checked with a number of lenders and HSBC would have been fine with this but their rules recently changed and Santander would have been fine, only for it to fall through on exchange, as they don't accept ex IVA?

We have a good credit score and affordability. I am in full time employment £56660 basic salary with allocated Sundays taking it to between £62000 and £65000.

Is it the combination of a loan for a deposit and having had an IVA in the first place that is the stumbling block with any lender do you think? Many thanks...

Kind regards

Chris
User avatar
luluj
Forum Expert
Posts: 10178
Contact
by luluj » Sat Feb 10, 2018 7:07 am
I would speak to Ryan or Shaun our forum mortgage experts. There contact details can be found under the experts page. Both have successfully helped members move forwards after their iva.
User avatar
Foggy
Forum Expert
Posts: 26527
Contact
by Foggy » Sat Feb 10, 2018 9:25 am
I agree with Luluj --- the contact details for Ryan and Shaun can be found here: memberlist.php?mode=team They are in yellow, towards the bottom of the list.

In the meantime stop making further applications as they will damage your credit files. Have you physically checked your credit files to make sure they are squeaky clean ?
Cjtm1
Posts: 2
by Cjtm1 » Sat Feb 10, 2018 4:01 pm
Thank you both for your replies. I have a very good credit file, haven't actually applied yet, just some enquiries and a visit to a broker. We were not expecting to apply for a mortgage and planned to start putting a bit by per month to try a build a deposit now as I have a very good salary. It's been impossible to try and save previously due to extortionate rent. Our landlord is selling up and has offered us first refusal... As this has been our home for a few years, we would love to buy it. If we have to move to another rental the prices here have gone up and we'd be back to square one! The stupid thing is, a £7000 - £10,000 loan for deposit alongside a mortgage is still cheaper than renting for us.
User avatar
Ryan
Industry Expert
Posts: 881
Contact
by Ryan » Mon Feb 12, 2018 8:54 am
Most Brokers on the High Street rarely come across IVAs and in an ever changing market they aren't necessarily a good bet. The fact you have been recommended Santander, who will never lend following an IVA, shows that it may be best to seek specialist advice. We have access to High Street Lenders who will look to lend normally 6 years after an IVA began.

Regards
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Bing [Bot], Ryan and 38 guests