We want to get shared ownership house but can't because of husband's past IVA

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kelly883
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by kelly883 » Wed Jan 24, 2018 3:35 pm
Hi,
My husband started his IVA in 2013 and we did a full and final settlement in december 2016. We want to get a shared ownership house but it seems we cant. Does anyone know if its possible or point us in the right direction?
Thanks
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kallis3
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by kallis3 » Wed Jan 24, 2018 3:39 pm
You can speak to either Ryan or Shaun our mortgage experts but your IVA will remain on your credit record for six years from the start.
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Ryan
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by Ryan » Wed Jan 24, 2018 3:53 pm
Hi Kelly,

Feel free to contact us but the Lenders who may consider lending during the 6 years that the IVA will show on your credit reports don't tend to lend on things such as shared ownership or Help to Buy, etc so you will probably be looking at 6 years from the start date before you could look to include him on a mortgage application sadly.

Regards
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Foggy
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by Foggy » Wed Jan 24, 2018 4:11 pm
As has been mentioned, it will be difficult to get a mortgage while the IVA is still on the credit reference agancies files --- but it will be dropping off next year, at the 6th anniversary date. In the meantime take the opportunity to make your credit files as squaky clean as possible. Have a read here for the background to doing so: https://www.iva.co.uk/what-does-an-iva- ... dit-record
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Lisa Thomas
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by Lisa Thomas » Thu Jan 25, 2018 10:38 am
I think you will have to wait until 2019 before your husband can get involved.

Hopefully this gives you time to save for a bigger deposit etc.
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Shaun Vickery
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by Shaun Vickery » Thu Jan 25, 2018 1:06 pm
You are definitely going to be in a narrow space but a talk to a Specialist Mortgage Adviser can't do any harm, their might be some potential.
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