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Posted: Mon Feb 20, 2012 2:05 pm
by Kelly.mc
I have been in an IVA for 3 years and have 2 years left. Would I still be able to get a mortgage ?
Posted: Mon Feb 20, 2012 2:12 pm
by Michael Peoples
You should probably have to wait for at least 12 months after the IVA has completed unless you have a 50% deposit. Speak to a specialist mortgage broker.
Posted: Mon Feb 20, 2012 2:18 pm
by kallis3
Hi and welcome - you would probably be better off waiting until the end.
We do have a mortgage broker who posts on here. His name is Ryan and you can find his details under the 'Ask a Question' link on the left hand side of the page. Give him a ring and see what he says.
Posted: Mon Feb 20, 2012 5:59 pm
by Broke of London
Loving this positive news about the mortgage market. 50% deposit is way out of my reach, but it is the thin end of the wedge!!! YAY!!!
Posted: Mon Feb 20, 2012 6:00 pm
by luluj
Deposit levels vary .... Circumstances will dictate what is available..... Whole of the market broker is the way to go as they have access to numerous non high street lenders.
Posted: Mon Feb 20, 2012 6:14 pm
by Broke of London
That there are even options for people IN ivas is a big leap forward! Late last year there was no chance while the iva was running.
Posted: Mon Feb 20, 2012 7:30 pm
by stephendl
Ok just want to share my success story, I've a mortgage now with nationwide. 15 months after my IVA completion day I've got a 3.19% tracker on a 70% LTV bankruptcy searches carried out and came back with no entry's,
All questions answered honestly about my circumstances I think I got extremely lucky with our mortgage advisor with the question " have you ever been bankrupt" we get our keys on Friday. Happy days
Posted: Mon Feb 20, 2012 7:43 pm
by Foggy
EXCELLENT news --- enjoy the new life and the new house. Well Done :0)
Posted: Mon Feb 20, 2012 7:46 pm
by kazzafunk
That's great news stephendl - very encouraging for others to know they can move on in the future!
Enjoy your new home.
Posted: Mon Feb 20, 2012 7:50 pm
by Broke of London
LOVE LOVE LOVE this thread!!!
Congratulations Stependl - enjoy the new house!
Posted: Mon Feb 20, 2012 7:50 pm
by stephendl
Thanks guys, means alot. There's defiantly live after IVA. To others who are searching mortgages, good luck. Wish you all the best x
Posted: Mon Feb 20, 2012 7:57 pm
by Broke of London
Nice to hear your mortgage was at a reasonable rate from a high street bank too!
you're living my dream - successful iva and a home of your own!
Posted: Mon Feb 20, 2012 9:19 pm
by Michael Peoples
I was chatting to a company that do secured loans for IVA clients and was told that th Nationwide are interested in ex IVA clients. If they have been in an IVA for 5 years and discharged 12 months then their credit file is clear. It is highly unlikely that any of these people would have obtained much credit other than trying to repair their rating and they have also been in a structured plan. This makes ex IVA clients a better risk than first time buyers and makes a huge amount of sense to me.
Posted: Mon Feb 20, 2012 9:28 pm
by kallis3
Congratulations Stephen, and good to hear that some companies are willing to take us on!!!
Hope you will be very happy in your new house.