www.iva.co.uk

Hi,
This is a question for Ryan the mortgage expert. Im looking to get a mortgage in the future with my soon to be husband. However, I completed my IVA 2011 and my fiance had a house repossession around 6 years ago. He's never had any comeback on this so we can only assume that the repossession covered the mortgage? Im not sure how it all works! We both bring in a combined salary of £49000 per year exc overtime and we pay everything on time and now have no debt. We have been renting for years and want to get onto the ladder eventually. At this time, we have no savings either as we get married in october and all our spare cash is going to pay for this.
My question really is, is there hope for us in the future? And what sort of deposit would we need?
Many Thanks
Miss Cooper

Hi,

I'd drop Ryan an email or give him a ring if I were you. I think it would be much better to discuss over the phone. I think you're going to need a heft deposit though.

His contact details can be found under the 'Ask a Question' link on the left hand side of the page.

Your boyfriend could check his credit report to see whether there is a debt outstanding from the repossession. It may be statute barred now, but will still be there (if there is a debt from the repossession).

It won't be statute barred for 12 years if it is to do with a mortgage as far as I am aware.

Agree - Kallis, its however only barred when there is no contact with the creditors at all for this time, otherwise the clock keeps refreshing itself.

Thanks ginger, I forgot to put that!

There is a voluatary code - stating that lenders will not persue debt on the mortgage after six years - however this remain volutary(see link)
The council of mortgage lenders have a lot of information about this and other items - so may be worth having a
look!!
http://www.cml.org.uk/cml/faqs/?faq_id=64

Hi,
Thanks for your comments. We checked my fiances credit score on experian and there was nothing there, it was showing almost excellent and he has recently got a halifax mastercard credit card with a quite large limit (which wont be used may I add!) so I can only assume he has a good rating.