Mortgage post IVA

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s27

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Post by s27 » Thu Apr 30, 2009 7:14 am
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Have had F&F accepted. Will probably take 2 months to get completion certificate. But in meantime need a mortgage. Have tried a few independent mortgage advisors, but to no avail due to credit history. Can anyone suggest or point me in the right direction. Have 3 years before IVA drops off record. Or is it best to wait 6 months?
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LoneRanger

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Post by LoneRanger » Thu Apr 30, 2009 7:22 am
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Hi

You might struggle with the IVA on your credit file. If you did manage to get one it would probably be high interest.

An expert would be able to point you in the right direction.

Good luck.
Last edited by LoneRanger on Thu Apr 30, 2009 7:22 am, edited 1 time in total.
Steve.

IVA approved!
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MelanieGiles

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Post by MelanieGiles » Thu Apr 30, 2009 7:55 am
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I would give Tony Parsons a ring who posts on the forum as Welshboy. He is a good mortgage broker and knows most lenders in the sub-prime marketplace.
Regards, Melanie Giles, Insolvency Practitioner
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s27

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Post by s27 » Thu Apr 30, 2009 8:05 am
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Many thanks. Apparently it would have been easy 2 years ago. I may just have to wait 3 years then.
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Welsh Boy

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Post by Welsh Boy » Thu Apr 30, 2009 9:01 am
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s27

The critical thing for yourself will be the size of the deposit you have to put down on a new mortgage, waiting 6 months will probably have little or no difference. Tony
F.P.C. 1,2,3 Qualified
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Whole of Market Mortgage Broker
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Principal : All Mortgage Products

Directly Authorised with FSA :304244
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s27

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Post by s27 » Thu Apr 30, 2009 3:52 pm
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I have a 20% deposit which is more than some non-IVA'd people, but still can't get anywhere.
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kallis3

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Post by kallis3 » Thu Apr 30, 2009 4:58 pm
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The problem is that your IVA is still on your file, and that is going to hold you back.

Do you have a partner with a good credit record? If so, they could try on their own. One of our posters has done that within the past few months.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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plasticdaft

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Post by plasticdaft » Thu Apr 30, 2009 5:08 pm
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Whats a good size of deposit for a sub prime mortgage nowadays??
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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s.b.w

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Post by s.b.w » Thu Apr 30, 2009 5:16 pm
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Plasticdaft

A friend was asked for 40% at minumum of 6.2% above BoE base.
Arghhhhh!!!!!!!!!
If only I'd said NO!

Go to my blog at:

http://shazzy.blogs.iva.co.uk/
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kallis3

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Post by kallis3 » Thu Apr 30, 2009 5:29 pm
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That's a hefty deposit! I wouldn't think many people could get their hands on that these days.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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MelanieGiles

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Post by MelanieGiles » Thu Apr 30, 2009 6:11 pm
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I think you would need to have at least 25% available.
Regards, Melanie Giles, Insolvency Practitioner
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Choice1

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Post by Choice1 » Thu Apr 30, 2009 6:28 pm
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Accord Mortgages accept IVA,s satisfied after 1 day, but need 25% equity.

Worth keeping an eye on as they may push it to 20% as things improve.
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David Mond

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Post by David Mond » Fri May 01, 2009 7:45 am
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Between 25% and 30% is my experience and cost should not be more than 2.5% to 3.5% above base rate of 0.5%

Any address for Accord Mortgages Choice1?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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s27

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Post by s27 » Fri May 01, 2009 8:30 am
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That would be ideal, but lenders not very forthcoming at moment. Accord sounds good, although looking at their website they only deal with an intermediary, so would the independent mortgage companies have checked them out already?
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Welsh Boy

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Post by Welsh Boy » Fri May 01, 2009 8:39 am
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s27

Not all mortgage brokers get involved with the sub prime/adverse call it what you will side of the market.

In fact I know of quite a few of my fellow brokers actually shun this type of business only because it tends to involve a lot more work and understanding of what can and can`t be achieved.

The available products are changing quite frequently and hopefully there will be a solution for all of us in the not too distant future.
Tony
F.P.C. 1,2,3 Qualified
Financial Planning Certificate
CeMap Qualified
Whole of Market Mortgage Broker
Managing Director : Debt Advisory Bureau
Debt Advisory 4U
Principal : All Mortgage Products

Directly Authorised with FSA :304244
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