Hi
I am in my final year of my IVA. I am fed up of private renting as the cost is so high for a tiny place here. I am making my rental payments on time and have never fallen behind, but I have no cash left to enjoy my life.
I have been fortunate enough to have a family member offer to gift me £65k to buy a 35% shared outright for a shared ownership property. The rent on the 65% is £260 per month.
I enquired about this house and had an affordability assessment yesterday through a third party that pre qualifies you before you make the full application. They informed me that I had passed the affordability for the property and asked if there was any history of adverse credit. I was honest about this and said I am in my final year of my IVA, which is why I am looking to buy the share outright as I know this disqualifies me from most mortgages.
They said they are going to contact the HA for me and someone will come back to me. I can’t help feeling very down about this and almost like I just know they will decline me because of it.
It feels like this will always hold a cloud over me and the rental market is so depressingly expensive. I am not in rental arrears and never have been, my IVA relates to poor financial management when I was 18.
Has anyone had experience with IVAs and managed to buy a home after? I think I just need some hope.