Would I be eligible for the Help to Buy scheme

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NickiJB
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by NickiJB » Thu May 31, 2018 1:22 pm
My IVA started in December 2013 and my creditors accepted a full and final settlement on 6 January 2018. I have my completion notice and my name is no longer on the insolvency register. My understanding is that the IVA will show until 6 years have passed but shows on m credit report as satisfied on 6/1/18.
My question is would I be eligible for Help to Buy or would I be excluded because the 6 years are not up. I have approx £200,000 to put down on a £350,000 house. I currently have a mortgage that I have had for 18 years and never made a late payment on. Any advice would be really appreciated. Thank you!
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kallis3
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by kallis3 » Thu May 31, 2018 2:53 pm
Hi,

Have a word with either Shaun or Ryan, our resident mortgage experts to see if they can give advice.
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Ryan
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by Ryan » Thu May 31, 2018 4:27 pm
Hi Nicki,

At present unfortunately the earliest that we could look to obtain a Mortgage on a Help to Buy property would be 6 years after the IVA began. Sadly the Lenders we have access to who will lend prior to then don't currently lend on schemes such as the Help to Buy.

Regards
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Shaun Vickery
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by Shaun Vickery » Mon Jun 04, 2018 2:01 pm
Hi Nicky

I afraid I agree with Ryan, at least for the time-being. Sorry.
MortgageTips
Posts: 16
by MortgageTips » Wed Jun 13, 2018 4:28 pm
NickiJB wrote:
My IVA started in December 2013 and my creditors accepted a full and final settlement on 6 January 2018. I have my completion notice and my name is no longer on the insolvency register. My understanding is that the IVA will show until 6 years have passed but shows on m credit report as satisfied on 6/1/18.
My question is would I be eligible for Help to Buy or would I be excluded because the 6 years are not up. I have approx £200,000 to put down on a £350,000 house. I currently have a mortgage that I have had for 18 years and never made a late payment on. Any advice would be really appreciated. Thank you!


Hi Nicki
The earliest opportunity for you to obtain a Mortgage on a Help to Buy property would be 6 years after the IVA was first registered.
Or 3 years after Satisfaction (whichever comes earlier).

There are Lenders that could entertain a mortgage now, but not utilising Help To Buy, unfortunately.

A High Street mortgage in sole name eg Wife/Partner could be possible, subject to Affordability & credit history.

Hope that helps
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