Mortgage question

[noblenormal]

Has any one had experience of obtaining a mortgage after having a IVA?

I had to get one after separating from my wife 2 years ago, and the loans we had were in my name!

anyway thats sorted, and I should be able to pay off the outstanding amount shortly with my new partner. We are looking to buy this year in France, have a reasonable lump sum for a deposit of £50k but would then need to get a mortgage to get somewhere reasonable.

Any experience?

[Babbles]

When we got our current mortgage with BNP Paribas, it was very straight forward and all done in English, the only thing they ask for that might take the IVA into question was a copy of your Experian credit rating, you can only borrow repayments of up to the equivalent of the 30% of your monthly income this has to include any mortgage or credit card debits or loans you have in the UK, i.e. if you earn 2000 Euros a month your repayments have to be less than 600 Euros.

[noblenormal]

Thanks for that Babbles, I was offered an upgraded bank account last week, so my bank seems to have no problems with me!

I think I may make a few inquiries to some brokers before house hunting and getting our hopes up!

On the 30% calculation after all otheroutgoings we would have 450 euro available for a mortgage, which should be adequate for a modest maison secondaire!

[PaulT]

Depends what you want but you can get something for your deposit.

Paul

PS I presume any new loans will be in joint names

[RicandJo]

Noble you have a PM.

Ric.

[noblenormal]

Well we got our mortgage with no real problems for a sum of €192,500 so we have ended up with rather a better house than we anticipated!

We sign for it at the end of this month, whereupon we are staying for a week to kit it out, as we are planning to let it out.

Thanks for all good advice.

[Babbles]

Well Done, hope it all goes smoothly and you enjoy your new home.