Mortgage Deposits

[kit]

I understand you need a minimum of 10-15% deposit for a mortgage if you are connected to an IVA, and have a question:-
Does this figure apply in the following situations or is the minimum requirement higher or lower:
a) You are still in the IVA and your IP allows you to look at purchasing your own home (with a deposit given to you by a relative that you will pay back after the IVA finishes)
b) You are still in the 5 yr IVA period, but have offered a full and final settlement and are no longer in the IVA but it obviously still shows on your credit file
c) You have completed the 5 yr IVA but are still in the final year where it still shows on your credit file
d) You have completed the 5 yrs plus the 1 clear yr and it no longer shows on your credit file, though you would have to admit to it if asked on the forms

Thanks, Kit

[mick.i]

Thats a great question Kit and i'd be happy to hear any advice on these options too.

[Storm]

a) The maximum loan to value on most plans is 85-90% the rate will vary depending on a number of factors but should be 1.5 - 2% over prime rates. Lenders prefer to see a min of 6 months into the IVA - some lenders prefer + 12 months.

b) If you have only offered a full and final settlement you will still be within your IVA and therefor the above applies.

c) The IVA is completed and therefor not relevant to a mortgage lender. This is still a near prime / sub-prime lender the rate will be better more competitive.

d) You may be considered by a Prime / High Street lender at this point. Rates and loan to values as per standard prime rates.

Mortgage lenders are criteria driven and fairly relaxed about IVA's - the rates you pay for near prime or sub-prime lending are still competitive and come with the usual fixed rate periods etc etc

[kit]

Thanks for your comments.
Kit

[mick.i]

Many Thanks Storm for your detailed answers.

[sarah1975uk]

How helpful thanks xx

Thank you for eveyone's help & Support xx