www.iva.co.uk

Moneynet announces:

Moneynet.co.uk is warning borrowers that applications submitted with insufficient data or poor credit history are likely to be rejected out of hand.

The comparison site today advises would-be borrowers that they will need to double check their applications if they are to stand a chance of getting a mortgage at competitive rates – even if they have had no difficulties previously.

Richard Brown, chief executive of Moneynet.co.uk, says: “With a predicted 30% shortfall in available mortgage funds borrowers need to understand that they are now in competition with others. The successful applicants will be those who make the best job of selling themselves to the lender.

“Borrowers will have learn how to present their cases to the lenders and it will no longer be good enough to submit an application with half the information missing."

Moneynet.co.uk says new borrowers and those looking to switch existing loans will have to wise up and think like brokers to have a fighting chance of a loan.

To have any realistic chance of obtaining competitive mortgage finance, it is now more vital than ever before to consult an "Independent Whole of Market Mortgage Adviser".

I could sell myself well ... I have absolutely no credit and, subsequently, a very large proportion of my monthly income is available to my mortgage provider BECAUSE I have no other credit payment commitments. But I am considered a 'bad risk' even though I have never missed a mortgage payment ... ever!

Where will that put the likes of "us" in the future I wonder?

Debbie

Catch-22 isn't is Debbie ?

With all this crunching going on, I wondered where that would leave debtors such as ourselves once the IVA/bankruptcy is completed and we have no outgoings other than monthly utilities and rent/mortgage.

I would have thought that we would be safer bets having been through the mill already and learned (hopefully) from it.

This is exactly the point we are trying to make Lenders understand, but sadly it is a long term project.

Hopefully, as more of us go through the mill the more the financial institutions will begin to realise the true situation. I think we are going to see more companies readily accepting the likes of "us" as they begin to see the light, my most recent experiences of car leasing through "Secretariat" is a prime example.

I think that one of the growth areas in the future will be the pre-paid "credit" cards ... if only I knew how to go about buying shares I would by some in one of these kind of companies as I think that they will really come to thrive in the future.

Debbie