IVAs and mortgages

[camille79]

IIn 2003, I was overwhelmed with debts due to a combination of putting myself through uni and bad money management and resorted to an IVA before which I had missed numerous payments on loans, credit cards etc but had never had a CCJ. Less than a year later, I came into a lump sum and settled all my debts. Since then I have managed my money well, have managed to get a credit card with low limit and have only missed one payment (due to a genuine oversight).

I am now in a situation where I would like to get a mortgage with my partner but am worried that my history will count against me. Is there any way we will be able to get a mortgage with a reasonably competitive rate? As far as I know, my partner has no bad credit history and we have enough savings to put down a 10% deposit on the property.

If it makes a difference, I live in Scotland (I know the law is slightly different here)

[chitchat]

It may be a problem as your total borrowing will be over 80% and there will a higher lending charge. If you can keep the borrowing to 80% then there maybe a lender who would look at your favourable. Best advice is go and speak to a financial advisor who can look at all or most lenders to find something that meets your needs. Good luck anyway.

[EverClean]

Speak to a mortgage adviser. You can get 100% borrowing with an IVA at what is still not too bad a rate. Get expert advice and find the right deal for you. Putting down a 10% deposit is going to help loads. You should get a rate at just over 6%.