I am about to come to the end of five years of being clear from debt through a debt management plan/IVA with the CCCS. I do not have a certificate which I have seen other people mention.
I am looking at a shared ownership property in London and earn £3k over the minimum reqiured amount, can fund the deposit but will have trouble finding a mortgage lender willing to loan me 90% even with a shared ownership housing scheme. Can anyone recommend any amenable mortgage companies please?
Were you in an IVA or on a Debt Management Plan? If it was the former then you will have to wait a while for a completion letter and your IVA will remain on your file for a further 12 months.
I doubt you will find anyone to lend you 90% but you could speak to our resident mortgage expert Ryan whose details can be found under the 'Ask experts a Question' link on the left hand side of the page.
It is possible that a AP marker has been put on yoru credit file if you enter a DMP.
This is just as bad as a default and remains for 6 years. Probably just as bad as a IVA and captured under the question "Have you ever made an arrangement with creditors?" on the mortgage application.
Try ING Direct, I hear they don't ask the question
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I would contact Ryan our mortgage expert....he can go through your circumstances and talk through your options. His contact details are under The Experts page.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I think there are only a few lenders who offer mortgages for shared ownership now and I am not sure if any of these will lend to anyone with bad credit history, so you need to speak to a broker, fully explain your history and see if they can come up with anything
Just google "getting a mortgage whilst in an IVA" if you have an IVA or similar you'll probably be looking at about 40% deposit from a sub prime lender and pay over the odds on the interest rates.
The crux being you credit record is shot to statute (ha ha a pun of sorts) untill six years has passed, if you like a IVA etc never really finishes until month 72 in statute terms.
When you credit is clean, take a chance with a high street lender who won't ask about your history, some posetrs have have posted, say some do and some don't as The Matrix indicates
Please think careful about shared ownership, these devlopers can get you in nice and easy, into what is no more than a very overpriced shoe box and what they can't flog goes off to housing association..Then you is stuffed
