Posted: Sat Jun 16, 2012 7:35 pm
Hi we just wondered if anyone could offer us any advice. We currently have 7 more payments on our IVA until completion (60 payments) and are wanting to make a decision about the next step in our future new debt free life (so excited!!!)
We currently rent our house through the local council. In the past few years the street we live on has really gone downhill, but we have put up with it for the sake of not making any changes to the IVA to complete on time (cost of private rented houses doubles what we are paying now).
The dream is to buy our own house but are unsure of deposit levels for people who have been in an IVA and how long we would have to wait before we can get one approved. Only 1 of us is in the IVA, the other has a CCJ which will be cleared 2 months after the IVA has finished. If there is a chance that we could buy a property soon after the IVA has completed (6 years will be January 2014) it would be worth it to stick out living here for a bit longer as the rent is cheaper than private so we could get a deposit together quicker. But if no one will touch us with a barge pole or if we would have to wait years after than maybe we should just give up on the mortgage idea and switch to a private rented house.
If anyone could offer any thoughts we would really appreciate it.
Whilst writing I would just like to say that even though this is our first post, we have been on this forum for reference many times and appreciate the information by everyone who has contributed which we have referred to many a time throughout the years.
We currently rent our house through the local council. In the past few years the street we live on has really gone downhill, but we have put up with it for the sake of not making any changes to the IVA to complete on time (cost of private rented houses doubles what we are paying now).
The dream is to buy our own house but are unsure of deposit levels for people who have been in an IVA and how long we would have to wait before we can get one approved. Only 1 of us is in the IVA, the other has a CCJ which will be cleared 2 months after the IVA has finished. If there is a chance that we could buy a property soon after the IVA has completed (6 years will be January 2014) it would be worth it to stick out living here for a bit longer as the rent is cheaper than private so we could get a deposit together quicker. But if no one will touch us with a barge pole or if we would have to wait years after than maybe we should just give up on the mortgage idea and switch to a private rented house.
If anyone could offer any thoughts we would really appreciate it.
Whilst writing I would just like to say that even though this is our first post, we have been on this forum for reference many times and appreciate the information by everyone who has contributed which we have referred to many a time throughout the years.