Hi
we will be looking at getting a remortgage with Ryan and Shaun probably in 12 months time when our IVA has dropped off our credit files and we have managed to save a nice size deposit. (Trying to time it as best as possible so it all goes in our favour when the time is right). We really need to move now but will have to be patient.[:(]
An IVA is a long hard road but valuable lessons have been learnt along the way. Now looking forward to enjoying a debt free future!
As Ryan quite rightly points out, we have both had success in supporting 'ex-IVAers' back onto the mortgage ladder, and very often with high-street lenders. Brokers like us do have the expertise in placing less easy to place applications and correct presentation to the correct lender is often crucial to the process. The fact that you had an IVA, in itself, it not a reason that you shouldn't be considered for a mortgage.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
Ryan...just to reply directly...Brokers are necessary with all financial products and includes mortgages.Some brokers can offer better deals with say insurance.
Brokers are used by many whether in an iva or not.So I need to make the facts clear here as outlined about brokers.
However..talking specifically...the choice of 'high street' lenders in mortgages are restricted when the iva past is disclosed, which does not even come into it with say car loans, credit cards or even insurance etc.
I have spoken to Independent Financial advisors in my research who are 'not brokers' and many have informed me of the assumptions stated is generally correct.
Oh...Shaun...you said in another thread that ex-IVAers people are 'treated harshly' for mortgages.(I think I have been saying that at the onset.)Am I been negative? What do you think? But I prefer to call it discrimination.
I was also informed that a high street bank is willing to lend in however you chose to approach them(direct or otherwise) if the Terms and conditions are meet including for those after been on an iva.These T&C are transparent and follows the FCA guidelines on corporate governance.
I really can't see anything negative about all that.It is all based on professional opinions and supported by banks own business practices.
My assertions has never directly been about brokers...but on the bank practices on home loans to those who have heavily defaulted in the past.
I personally would welcome tailored made competitive post 'iva mortgages'for a particular clientele instead of using high street banks,as a future development, but which will not happen now because of the credit crunch.
Having many lenders means very competive rates...choices are good for everyone and I look forward to the day when the banks don't discriminate on giving home loans to people after an iva.They are discriminating at the moment as has been heard on this forum loud and clear.
Brokers just simply find banks that do NOT discriminate or 'treat IVAers harshly'.
Iam fraid they aren't many of them with high street written on them.
Last edited by TzeKin on Mon Sep 29, 2014 11:58 pm, edited 1 time in total.
Morning all,I gracefully suggest get the cheapest interest rate deal available.Look at the perks like getting your council tax paid and account reward payment incentives.Only banks offer those like TSB.
It doesn't matter who you go to as long as the outfit is legitimate.
You need to speak to the builder.This is very important as a first point of call.
I was told that there are specialist brokers that house builders will recommend as it speeds up the work timeframe.
The government assisted schemes require specialist brokerage knowledge like with shareownership conveyancing and not all brokers or solicitors are geared up to it.Some have not got a clue and that us the truth.I am not joking.
I would not use use a one man band outfits as they are charging a fat fee they ought to be there when I call as there is no time to delay.
You,the house builder,the broker etc have to work together to make the deal work.
And the point about the financial advisor raised by TK.Definately,I have some issues with any commission based selling as that trade have had bad press coverage.
Best to put any big loan deal to someone not directly connected to it to advised in a professional capacity.Sorry,no disrespect to brokers.
My house builder asked me speak to an advisor before the deal went through.
