Hi Ryan, I am a long time lurker on these forums. I will try to keep my query as brief as possible.
The situation is that myself and my husband are looking to purchase a new build property at the end of 2021 or early 2022. The property is £190k and we can probably get a 15% deposit of £28,500.
We have both been in IVAs that have completed successfully (mine started in November 2013 and completed November 2019) My partner's IVA started July 2014 and completed early 2020 and is due to come off his credit file this July.
Both of us have stable permanent jobs (I earn £27k a year and partner earns £19k per year)
My credit score is excellent (all 3) with not a single missed payment. I took out a couple of credit cards which are used for a low amount each month which is fully repaid (I could send a copy if necessary)
My partner has a credit card which he maintains payments for and I would fully expect his credit file to be excellent by August.
Final issue, Prior to doing my IVA, I surrendered my shared ownership property in 2013 and the small shortfall of approximately £3k (with Leeds Building Society) went into my IVA. This is no longer on my credit file.
I understand from reading online and also on this very forum that it should in theory be possible to obtain a mortgage (probably at high street rates) given that both IVAs will be over 6 years old when the mortgage is needed. However, with it being a New Build, I just wanted your perspective on our needs.
I am sorry this message is long. I confirm that when we come to do an application later in the year, I am happy to commit to using your services as I am happy with the fee you charge and the forum is full of your success stories in helping post IVA clients.
Hi Lazarus
Thank you for the message and well done to you both on getting through it all!
You question is now involving a bit more than generic advice, would you mind contacting me directly so i can tailor the answer to your personal position?
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
Yeah I got a call from Darryl who was very helpful thank you. He put my mind at ease and went through what the process would entail in detail and has diarised to call me back in June
Hi,
So sorry i missed this, but good to hear my staff are on the ball, and get back to people straight away with the right information.
Is there anything else you want to pick my brains about, i am free tomorrow for a chat and can call you if needed?
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
Nothing better than planning your life after your iva. I can recall working with Ryan and his team 11 years ago to get us in a position to act as soon as our records were clear .. Good luck, you are in safe hands !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thanks Ryan. I should be OK for now. My only minor concern with buying a new build is a mortgage offer expiring before the property build is completed but I understand some lenders are flexible with extending the offers sometimes.
Also, we've both spoken to our employers and our job circumstances are secure for the long term.
Thanks Luluj, already excited and want this year to fly by now
