Mortgage 2 years after completed IVA

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njm
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by njm » Sun Sep 10, 2017 4:09 pm
Hi guys,
My IVA was completed in October 2015 (Completion Certificate dated December 2015). I would like to get a mortgage as part of the government's Help to Buy equity loan scheme, I have a 5% deposit saved. I have just spoken to a mortgage advisor and they explained that I wasn't eligible for the Help to Buy scheme until at least 3 years after the IVA has been completed. She also said that even after the 3 years it would be a real struggle to get any mortgage. I feel so disheartened. I have worked to improve my credit score and I now have a good score with Experian with no reference of defaults/ IVA. Can anybody offer any advice please? Is there any way I could be eligible for the Help to Buy scheme or should I just give up? Any advice would be greatly appreciated.
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Foggy
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by Foggy » Sun Sep 10, 2017 4:11 pm
Have a word with Ryan and / or Shaun, who are both whole of market brokers with experience of adverse credit applications and are both good at what they do! Their details can be found under the "Quick Links" tab (top left) and then "The Team" on the drop down .... they are in yellow on the list.
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njm
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by njm » Sun Sep 10, 2017 4:20 pm
Thank you. I have contacted them, hopefully I'll hear back soon. I don't suppose you know the criteria for the Help to Buy scheme? According to the advisor, the IVA needs to be 3 years completed before I can even be considered, so that means 8 years after the start date of the IVA. I've spend ages searching but I can't really find much about the Help to Buy scheme and IVAs :(
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Ryan
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by Ryan » Mon Sep 11, 2017 7:24 am
Hi Njm,

The earliest that we could look to obtain a Mortgage for you under the Help to Buy scheme would be 6 years after the IVA began.

Regards
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njm
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by njm » Mon Sep 11, 2017 7:47 am
Thanks for the reply Ryan. The IVA started in October 2010, completed December 2015. No issues and the entries are all removed from cedit file.
Would the Help to Buy equity loan be a possible option? Thanks
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Ryan
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by Ryan » Mon Sep 11, 2017 8:20 am
We have certainly helped others in similar situations to complete on Help to Buy purchases. It will depend on affordability, etc but if you were to contact us we would be able to tell you pretty quickly if it's something that we would be able to help you out with.

Regards
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