getting a mortgage after an iva...

I'm no expert, but you may struggle. My OH has a perfect credit rating, and although all the banks we approached would lend to us, some wouldn't lend much. To give you a fighting chance, you'll need a pretty hefty deposit.

I *think* you need to have been working for 2 years self-employed before you can be considered for a mortgage. Have you checked out the MoneySavingExpert website and forums? You might be able to get more answers by posting your question on their forums.

It's always worth speaking to the bank (probably wherever you have your joint account / one of you has a main account) - we thought nobody would lend to us as H is in 'temporary' employment, but because he has been employed for over 2 years continuously with no break, the bank are treating him as permanently employed. However this was only with the bank where we have our joint account (and where our salary is paid into) - other banks won't consider us.

Have you heard about your flat yet FMrsJ?

Will message you on FB so as not to derail the thread ?

The IVA shows up on the credit file for 6 years from the date it was agreed. Also after the 6 years his credit file will still need to be built up. Although it won't show bad credit it also won't show he has good credit. Hope that makes sense!

I finished paying an IVA in 2010 and our mortgage advisor said that I would probably struggle to get approved for a mortgage for the first 3 years afterwards, then from 3-5 years I would possibly be approved but at a much higher rate and then after 5 years I should be treated the same as anyone else.

I have recently got one of the Capital One cards that are specifically to rebuild your credit rating. The limit is only very small but as long as you pay it off in full each month (I use mine like a charge card and just put food and petrol on it each month) then it rebuilds your rating over a number of years, so might be worth him applying for once he has finished paying his IVA.

But, when H applied for our mortgage 4 years ago our Mortgage Advisor had very recently had someone turned down for a mortgage who had been declared bankrupt over 20 years ago, so unfortunately you never when these things might come back and bit you in the backside !

Hiya i'm not sure what and IVA is so cant help on that one. My fiance is an estate agent and said before we can look at moving I need 2 years books/accounts as i've been self employed since August 2010.

You can get a mortgage but some bank lenders will say no and the others that will lend to you will give a higher rate. You can get a much better mortgage rate when you have 2 years worth of accounts apaprently.

Hope that helps!

Thanks everyone, we know we will need a bigger deposit so thats why we are starting to save now. Im getting fed up of the 4 of us in a two bed flat but if we rent somewhere bigger we wont be able to save as much! its so hard. I know its his own fault getting in debt but when your 18 you dont realise how much it will effect you in the future. I have small debts like store cards etc but nothing serious! He said hed never touch a credit card again so dont know if he will get one -do you need to improve your credit score then after?

Ive always had good credit and will have a few years accounts by then, if it ever happens! Sorry it turned into a bit of a moan, thanks for the advice everyone!?