Will it be very tricky to get a lender for mortgage even after full and final?

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Amy.j
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by Amy.j » Mon Apr 16, 2018 12:31 pm
Hello,

I am pulling my hair out (the term) with frustration and in the need of getting a property. I got into an IVA in May 2016 and made a full and final settlement figure in 2017 and the IVA on my credit record is showing as 'completed'.

I have been advised once the IVA clears from my credit record in 2022 it will still be very very tricky to get a Lender for a mortgage.

I am regretting entering a IVA at all costs now as this has ruined my future.

Myself and my partner are saving very hard each month to get a good deposit behind us and to pay any fees we may need that may be more than normal.

We are looking into the 'Shared Ownership Help to Buy scheme', we want to have moved by 2022 and unfortunately can't stay living with my partners parents til 2022.

Is there anything we can do? Can I get the IVA removed from my credit file sooner? I have not got involved in any further debt since and don't wish to.

This is causing me so much stress and upset and I feel I have made a very wrong decision about the IVA 2 years ago.

Tia
Amy
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Foggy
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by Foggy » Mon Apr 16, 2018 1:23 pm
I am afraid the IVA will remain on your files until 2022. It may be possible to get a mortgage beforehand, not easy at probably not the best interst rates and I would suggest a chat to either Ryan and / or Shaun, who are both brokers with extensive knowledge of adverse credit. Their details van be found on their profiles, which can be accessed here:

Ryan: memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837
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Shaun Vickery
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by Shaun Vickery » Mon Apr 16, 2018 2:32 pm
Hi Amy. Obviously I can't comment on whether the IVA was the right solution for you at the time but, presumably, there was logic in the decision or advice you received. In terms of removing the IVA from your credit file, that isn't possible unless it was registered in error I'm afraid. Assuming that it was correct it is likely to be extremely difficult for you to obtain a mortgage in the short-term, certainly based on current lending criteria.....and most definitely in the absence of a sizeable deposit. The fact that you are looking for a shared-ownership or Help-to-Buy scheme with a relatively recent IVA also makes things more different I'm afraid. Sorry to be the bearer of bad news but I hope at least it helps you to understand where you stand.
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Ryan
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by Ryan » Mon Apr 16, 2018 2:57 pm
Hi Amy,

It is difficult to arrange a mortgage while still in an IVA. We do have access to a few lenders that will assist even while in an IVA. None of them allow a Shared Ownership or Help to Buy application while the IVA is still on your credit file. Please feel free to call me to discuss the matter further or let me know when I could call you.

Regards,
Kevin Bushby
01582 450000.
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