Me and my husband are looking to buy a larger home for our growing family. My husband has recently completed an IVA arrangement in June 2018.
I work part time so have been really struggling to secure a mortgage amount that we need for a larger house. I have spoken with a broker initially who stated my husband would not be given a mortgage due to his IVA.
I have now started to look at help to buy scheme properties. Even though this is some what helpful I still would like my husband with me o n the mortgage and help to buy.
I do find the whole process unfair, my husband has maintained excellent payment record with his mortgage provider since the beginning and since the IVA has never defaulted on the payment agreement nor any issues with credit.
Surely there has to be a way around this....please help!
I would suggest you have a word with either Ryan or Shaun who are our mortgage experts on here and their details can be found under IVA experts page and see if they can help.
Then I would suggest chatting to a whole of market broker with experience of adverse credit (like anything else, not all brokers are the same). We have two such on forum, both have been instrumental in securing mortgages with High Street lenders post IVA, as well as mortgages under the Help To Buy Scheme. Their details can be found in the links on their profiles:
Fairness is a two-edged sword, I am afraid, like all of us here, we have, at the end of the day, not been able to fully repay our debts and, after an arduous journey to make amends, have been forgiven and released from the debt burden. This does not, and should not, come without a price. Many go on to "normal" financial lives again after the 6 years or so: High Street Mortgages, new cars as well as the simple joy of being debt free: Owing nothing to no-one. That freedom, for me at least, was worth the price, indeed, it is priceless.
Thanks for your reply.
It has been 5 years in June 2018, IVA was ended and satifisfied as there was negative equity in our property. My husband has been told the completion statement will be sent out in Jan 2019.
Does that sound right?
If this is the case, then would we have to wait till the completion statement arrives before looking to apply for a mortgage?
In that case you'd be looking at June next year as being the point when we could look to obtain a 'normal' mortgage for you with a High Street Lender. If you looked to apply now/before the end of the 6th year you would require a minimum 25% deposit (possibly more depending on circumstances).
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