Hi, we entered into an IVA in May 2016 and at that time had no intention of moving house. Our circumstances have changed and we have decided to move from Surrey to Cornwall. I contacted Santander who we currently have our mortgage with and was told that they would consider porting our mortgage as long as the IVA was finished and we had a buyer for our house and a purchase agreed on a new property. Our parents kindly gave us the money to get an early settlement on the IVA which was agreed and we received our completion certificate in February 2018. We have sold our house and agreed on a new house. I phoned Santander to start the porting process and obviously this was declined at the credit check stage. They requested more information and after a 2 hour telephone interview our case is now with the underwriter. My question is has anyone else got a similar experience and what was the outcome ? For your information we are selling for 323k with a current mortgage of 186k and buying for 230k with a mortgage of 120k. We are significantly improving our own financial position and that of the banks by paying 80k off of our mortgage with lower monthly outgoings. We have absolutely no other credit commitments as everything was included in the IVA and both have jobs lined up for the move with a combined household income of 38k plus child benefit. The advisor said he is optimistic as all the figures add up but the wait is killing me. Does anyone realistically think we stand a chance? Thank you
From previous posts on here Santander seem to have a very mixed reaction to IVA's. On the one hand I have seen them being very helpful and understanding, but, on the other,I have seen them bordering on being totally obstructive. Not at all helpful to you, I am afraid, but just trying to indicate how unpredictable thay can be.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for your reply. Yes I have seen very mixed examples which I guess goes to show that they treat each case individually and on its own merits. I work for a high street bank myself and our mortgage advisor said that she has got mortgages agreed for people in far worse situation's than ours and said that if it's in the banks favour they will likely agree. I am really hoping she's right !
I made a mistake on my original post, the new mortgage is 110k not 120k.
Hi.
Unable to help re Santander but would like to ask your advice.
You mention that you work for a high street bank.....were you working there when you applied for your IVA?
Hi yes I've had the same job for 20 years lol. I discussed with my line manager before going into the IVA to see if it would be possible with my job and it was fine because I am not regulated I am just a customer advisor.
That's very reassuring. I too work at a high street bank (15 yrs!) and have just started the IVA process. I have informed my line manager and she has been very supportive.
My employer is also one of my creditors and hold a large percentage! Hoping the fact I work for them won't go against me!
Were your employers one of your creditors??
Do you mind me asking what was your outcome? I’m in exactly the same position also with Santander and wonder if it’s worth bothering applying to port our mortgage.
