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Posted: Thu Jul 25, 2013 11:56 pm
by Lorrainedz40
How long is it advisable to wait before applying for a mortgage, a joint mortgage with my husband, whom I was not with when I started the IVA ( which completes in October) Will we be able to get a normal interest rate? He has always had a very good credit rating.
Posted: Fri Jul 26, 2013 12:22 am
by Michael Peoples
It may be better if he does it himself until your credit file clears up. Speak to Shaun who is one of the experts and he will be able to give better advice about mortgages.
Posted: Fri Jul 26, 2013 5:56 am
by luluj
We also have Ryan on the forum who is a mortgage broker who has successfully helped members gain a new footing on the ladder ....have a chat now and establish the best course of action for you.
Good luck
Posted: Fri Jul 26, 2013 12:02 pm
by Lorrainedz40
Thanks to you both for your replies, I will contact the experts for a chat. I don't mind waiting 6 months after completion to try and repair my credit rating, but then want to try as soon as possible for a mortgate.
thanks again
Posted: Fri Jul 26, 2013 12:53 pm
by Kelly.23
I would agree about speaking to a broker. We completed our iva in January this year and got a mortgage offer within a few months, contracts have been exchanged and as its a new build property we are just waiting for it to finish being built, hopefully moving in at the end of October.
Posted: Fri Jul 26, 2013 12:55 pm
by Tina Shortland
Hi Lorraine, welcome to the forum
I'm sure the guys will be able to help you. Best wishes getting on the property ladder, very exciting when it finally happens.
Posted: Tue Jul 30, 2013 9:59 am
by Shaun Vickery
Unfortunately there's no straight forward answer to the question because it will depend on your individual circumstances and lenders do have extremely varied criteria. There are various things you can do to improve your chances of success and you shouldn't have to pay an excessive interest rate either. Work on the assumption that you will need a minimum deposit of 10-15% however.
Posted: Wed Jul 31, 2013 11:39 am
by Lorrainedz40
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Kelly.23
I would agree about speaking to a broker. We completed our iva in January this year and got a mortgage offer within a few months, contracts have been exchanged and as its a new build property we are just waiting for it to finish being built, hopefully moving in at the end of October.
Posted: Wed Jul 31, 2013 11:43 am
by Lorrainedz40
sorry, it sent before I wrote my reply. Thanks Kelly 23, that is pleasing to hear. My husband has an excellent financial history, so hopefully it should be fairly straightforward then. We are likely going for the government's help to buy scheme too.
Posted: Wed Jul 31, 2013 12:55 pm
by Kelly.23
Fingers crossed for you, we thought we were going to need the help to buy scheme but when we chatted to the house builder and broker found out we could get it without help to buy. We put down 10% deposit and the house builder gave us another 5% towards the deposit so when your ready definitely worth having a chat with them and seeing what they can offer. Our house is Taylor Wimpey and we used the broker they recommended to us.