Right her we go, i have added bits and pieces on here before during my IVA which completed in June of last year after commencing in June 2011, early finish was due to an accepted setllement offer, i am basically now starting again so my question is about mortgages.
I am 46 now my wife 34 and we have two young boys 4 and 1, we are desperate to get a place of our own but my investigations so far have concluded this will never happen for many reasons my age is the major hurdle.
i have been told i will not get a decent mortgage any time soon as the iva needs to drop off my credit report which will take 6 years, i will be 51, then i have read over 40's are not only going to be excluded from the new government affordable home schemes but also any mortgage full stop, why is that fair im earning over £60000 a year been employed by same employer fro 30 years. My iva was down do a divorce in 2001 which left me with a mountain of debt that i couldnt control so its not as if i was really irresponsible, but i did lose our home in 2011.
Is there a silver lining, the privalte rental market in London is a runaway train , our kids are starting school and we need to stay in this area but rents are rocketing faster than house prices.
I dont even think we will be accepted for any housing schemes l part rent part buy, is there any way we will be in our own home ?
Any help or things i should be doing other than save like hell, would be greatly appreciated .
Hi Gavin we have two mortgage experts on the forum Ryan and Shaun and I'm sure they'll gladly offer you advice if you want to contact them as I know they've helped a fair few posters get on the property ladder or move up it. If you go the ask experts a question link to the left and scroll down you'll find their contact details. Worth an ask from an expert and they're both really friendly guys.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Gav,
Sorry for delay in replying, i have had log in issues.I would be happy to talk things over with you now if you want to get in contact direct, my contact details are below.
Hi Ryan, i did email your company i think and the message i recieved back was really what i suspected. That there is no point even looking at getting a mortgage, we will have to sit tight in our current rented home for another two years and try and save for a deposit. It does seem the system is against older people as im not really classed as a priority with housing associations, even part buy part rent is full of prohibitive regulations.
These issues are not really explained before the IVA even though i would still have had to do it, but maybe wouldnt have been so keen to gve my house back to the bank.
Who would have thought that the buy to let bug would have taken hold and made greedy people control the nations housing stock, which is slowly becoming out of reach for most of us.
