www.iva.co.uk

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

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

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

Thanks for your comments.
Kit

Many Thanks Storm for your detailed answers.

How helpful thanks xx

Thank you for eveyone's help & Support xx