Page 1 of 2
Posted: Thu Apr 30, 2009 7:14 am
by s27
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?
Posted: Thu Apr 30, 2009 7:22 am
by LoneRanger
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.
Posted: Thu Apr 30, 2009 7:55 am
by MelanieGiles
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.
Posted: Thu Apr 30, 2009 8:05 am
by s27
Many thanks. Apparently it would have been easy 2 years ago. I may just have to wait 3 years then.
Posted: Thu Apr 30, 2009 9:01 am
by Welsh Boy
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
Posted: Thu Apr 30, 2009 3:52 pm
by s27
I have a 20% deposit which is more than some non-IVA'd people, but still can't get anywhere.
Posted: Thu Apr 30, 2009 4:58 pm
by kallis3
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.
Posted: Thu Apr 30, 2009 5:08 pm
by plasticdaft
Whats a good size of deposit for a sub prime mortgage nowadays??
Posted: Thu Apr 30, 2009 5:16 pm
by s.b.w
Plasticdaft
A friend was asked for 40% at minumum of 6.2% above BoE base.
Posted: Thu Apr 30, 2009 5:29 pm
by kallis3
That's a hefty deposit! I wouldn't think many people could get their hands on that these days.
Posted: Thu Apr 30, 2009 6:11 pm
by MelanieGiles
I think you would need to have at least 25% available.
Posted: Thu Apr 30, 2009 6:28 pm
by Choice1
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.
Posted: Fri May 01, 2009 7:45 am
by David Mond
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?
Posted: Fri May 01, 2009 8:30 am
by s27
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?
Posted: Fri May 01, 2009 8:39 am
by Welsh Boy
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