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5% deposit first time buyer bad credit
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NewMember21
1 Posts
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29/06/2021 - 1:35 pm

Hi,

Myself and my partner are looking to buy our first home. His credit rating is really good and mine on the other hand is really poor.

I have been in an Iva for the past 5 years which is due to finish on the 1st June.

We have a deposit of £12,500, both work full time and our combined income is approx £63k.

Ive been advised by another broker that no one will accept us for a mortgage application until the Iva is removed from my credit file next year. Is this the case? Or are there options for mortgages once I complete in June?

Thank you,

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David@SimplyAdverse
111 Posts
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29/06/2021 - 1:36 pm

Hi, thanks for getting in contact.

We have helped people obtain a mortgage in similar circumstances therefore I don't believe the IVA will stop you.

I expect either a standard mortgage or *Help to Buy mortgage will be possible depending on the finer details.

*subject to you being first time buyers

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