Success stories of mortgages post IVA ?

[Andydw24]

Ginger,

We are lucky enough in that we have all our own furniture, did things the opposite way round to most of our civilian counterparts and furnished a house we didn't actually have. Well not one of our own anyway, just rented married quarter.

I can see what you are saying about the five bedroom villa plus pool and 3 acres of land Not quite looking in that league just yet, well am but just making myself pig sick.

But when the time comes we don't really want to be stuck in a rabbit hutch but would rather save that little more for the deposit. Who knows, maybe some inheritence is looming from some dark and distant past.

Joking aside, are there many out there who have been succesfull in obtaining a mortgage and the timescale after IVA completion did it take? What sort of things did you do to boost your chances or were advised to do?

Thanks all for your replies so far !!!!!!!

[Andydw24]

In addition to what i said above, I have just noticed the number of views this post has actually accured. Obviously i'm not the only one who is interested in this topic.

[ginger3232]

I think i was lucky - managed to sell and secure funding right away after the IVA(actully completed the IVA early) - but that was a time when RBS were throwing money around.(2002)

Settled in the house - and when i was time to move (2006) - apart from mentioning it on the joint application.

Recently moved back to Scotland (2009) then it was not a issue.

Hope when the time comes for you to buy - their lending criteria would have stabilised.

[Broke of London]

There is a lot you can do to repair your credit file. Paying contract mobile phones, utilities, council tax and all that sort of thing on time every month. Running your current account in good order - they may allow you a small overdraft. A credit repair credit card such as Vanquis which you can repay monthly. Basically comes down to getting a little credit and being responsible, which is the pathway to higher levels of credit.

Wishing you the best x

[steve532]

Hi Andy.
Like you I am military and have 10 months to go on my IVA journey.
Really cant wait. I plan to put all my IVA payment into the best saving account I can find and just watch it grow for a couple of years. You will also be able to apply for LSPA of up to £8500, Which can be used to help towards a deposit.

[Andydw24]

Steve, funny you should mention LSAP, was only thinking about that late last night.

I am settled at the moment in my current posting for hopefully the next 5 years, that should give me and OH time to rebuild once the IVA is complete. If, and a big IF, I end up going on an operational tour, then the Op Bonus will come in handy too. Fortunately it isn't going to happen before the IVA ends and they don't end up with half of it

Now I am completely blind to this, but does it take long for your credit file to build back up once the IVA is complete and all files and default dates are updated and correct? I have taken note of the advice with regards to Vanquis. I pay utilities on time, mobile contracts, electoral role, insurances etc.

Thanks all for your replies.

[steve532]

Andy.
Your doing all the right things to repair your credit file but unfortunatly until that 6 year point from IVA acceptance, your previous debt history out weights this. Ive just been offered an overseas posting, but I am trying to delay it till after my IVA completes.

[kallis3]

An overseas posting shouldn't be a problem if you can maintain your payments Steve.

[steve532]

Kallis3. There would be no problem maintaining the payments, but they would want ALL of the Overseas allowances that we recieve while serving abroad. I know this to be true because I was overseas when my IVA journey began.

[luluj]

Once all clear your credit file will re-build slowly over a couple of years. I have recently been speaking to a whole of the market mortgage broker and he has advised that a deposit of at least £30k would be needed on a house value of £150k (20%) - however he did say that despite our records being clean, those of us who have had bad credit issues in the past may still find it hard to get a foot on the ladder without an even bigger deposit and he was saying nearer the 40% deposit would be needed.
Our IVA has finished now and we are now beginning to save each month on top of the inheritance I have received - we are waiting untiul 2013 when our IVA is completely off our records and we will then look to buy somewhere - by then we should have saved a further £20k so we should ok on the 40% needed.
It seems a hard lesson to learn - but it will be rewarding in the end when you get the keys to your own front door ! Good luck

[kallis3]

I'm thankful I'm never going to need another one!

Steve, I wasn't aware of that so I apologise!

[luluj]

Kallis - have to say we are re-considering our options and looking at potentially a part ownership instead or part buy with a relative - otherwise we will never get there !

[kallis3]

Our ages are against us now for a mortgage but I love my house so quite happy to carry on until the end.

[sponge]

economists get it wrong all to frequently. Or as the evening standard headlines yesterday we are on the verge of a double dip stagfaltion recession...pleease you cannot have dip and stagnation in the same sentance that's an oxymoron.
I'm going the other way for the following reason I'm an estimator for major projects within the construction industry and the sheer wieght of new capital projects has knocked me for six! These are geared up to start early next year. So if that kicks in a "soon as" it may start the flow of money within fingers of all related industry that means bricks windows carpets IT plumbers electricans etc etc that in turn may help the retail arm and so on. and money to go to the dentists

[Foggy]

economists get it wrong all to frequently. Or as the evening standard headlines yesterday we are on the verge of a double dip stagfaltion recession...pleease you cannot have dip and stagnation in the same sentance that's an oxymoron.
I'm going the other way for the following reason I'm an estimator for major projects within the construction industry and the sheer wieght of new capital projects has knocked me for six! These are geared up to start early next year. So if that kicks in a "soon as" it may start the flow of money within fingers of all related industry that means bricks windows carpets IT plumbers electricans etc etc that in turn may help the retail arm and so on. and money to go to the dentists

I thought that was the collective noun for politicians!! [:o)][:o)]