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