Welcome to the forum. Our IVA finished in March 2011 and we were able to fund a 50% deposit through inheritance and used a whole of the market mortgage broker to gain a mortgage through.
Everyone's circumstances are very different and levels of deposits will vary etc so it is prudent to contact a few brokers who will be able to offer advice.
If you go to the meet the experts page and search for Ryan - he is a mortgage broker who posts on the forum and has been able to help many people in IVA's both whilst in IVA's and after (he helped us to secure our mortgage).
Good luck
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hey thanks for the reply.. That's great that u got a mortgage ok. We are just in the application stage for the IVA so hoping that we can get one. Thanks for the advice, good luck
Does anyone know what the lowest deposit has been for a mortgage to be accepted post IVA? Also, if you apply for a mortgage and don't get the best rates due to your history does that change after you pay a couple of years into the mortgage with no defaults and your credit history improves? One of the reasons I went down the IVA route and not bankruptcy was so I could easier obtain a mortgage in the future however it appears from many posts that they judge you on your IVA just as harshly.
I believe the rate does alter after a while, I'm pretty sutre luluj's will in a couple of years.
No idea on the lowest deposit though - I think hefty ones are the norm these days regardless of whether or not you're in an IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think its still pretty safe to say that obtaining a mortgage after an IVA does have its difficulties. Li'z case was quite unique,not many people will have a 50% deposit.
The situation may well improve as time goes on but the effect of an IVA on your credit file should never be underestimated,it can have a devastating effect.But if you are really in need of an IVA the effect on your credit file really wont be an issue for you.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Paul is that still the case Post IVA though, obviously if you are in need of an IVA before taking out a mortgage your credit file could well be in tatters anyway I was just hoping more than asking that post IVA you will ever be classed in with everyone else when it comes to mortgage applications or will this IVA haunt you for the rest of your days because if it does then maybe I should have really just one bankrupt all those years ago cause I would have been complete 2 1/2 years ago with my payments instead of still paying them as I am now.
An IVA won't haunt you forever. The majority of companies ask if you have ever been bankrupt and you can quite honestly say that you haven't.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Some do, some don't. You'd obviously have to read the small print.
Some will ask if you have ever made an arrangement with your creditors which will cover both.
It's been a long time since I last applied for a mortgage!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
With the increase in popularity of IVA's and DMP's,and having had fingers burnt before many lenders may well change their paperwork to ask the question of previous arrangement with creditors. This covers everything from asking for a payment break on your credit card to an IVA.
Things have tightened up incredibly,even for those with clean files,so its going to be difficult,but whole of market brokers will know who asks what,so its best practice to use these when you are ready to apply.
Given the size of the subprime mortgage market before things went belly up,its clear that there is good money to be made lending to people that cant get mainstream lending.
The difference now is lenders will be more careful regarding loan to value ratios to ensure their money is safe,so a decent deposit will be required.
Its not bleak forever but post IVA if you have nothing on file,it will be like an 18 year old walking into the bank to get a mortgage,they would be told to bolt! Work to improve your credit rating,it could take 12-24 months for your to look like a good borrower. There is no magic trick to make things better,but lots of little things may help.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Nothing like a mortgage application but when my daughter was 18, no credit history at all apart from her basic bank account and a mobile phone contract, she was able to get credit from PC World for a laptop.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kallis3
Nothing like a mortgage application but when my daughter was 18, no credit history at all apart from her basic bank account and a mobile phone contract, she was able to get credit from PC World for a laptop.
This is what I mean about starting out small. If she already had the mobile phone contract then that probably shows up clearly that she pays on time(if she is a good girl!!). Now getting credit for a laptop or a sofa may be easy but walking into the bank expecting a £100,000 mortgage will still be hard. We all just have to rebuild a little at a time.
Its not meant to be easy,but you dont get a tattoo on your head saying bad debtor either,so there is definately life after insolvency.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
She was only working part time at Asda then as she was at Uni, the contract hadn't been running for long as she was always PAYG just prior to that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I was the same,at 18 I was in the RAF earning 20k and couldnt get a 3k motorbike loan without a guarantor!! As it happened that loan was the only loan I ever paid off early without using another loan to do so!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
