im coming to the end of our iva and as part of the agreement need to seek a remortgage,,,can anyone recommend a mortgage lender or has anyone been able to secure a remortgage and can recommend someone?
I can't speak for any of the posters on here of course, but it is fair to say that actually getting a remortgage in an IVA under current market conditions is, if not downright impossible, very difficult.
I would suggest that maybe a call to your own IP may help. They will be acutely aware of the current conditions re that, but may have links with firms, for the benefit of all clients, who may be able to help. Maybe not of course, but certainly worth a call.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
One of our Posters Luluj whom completed her IVA this year with a full & final offer, managed to get a remortgage.
Luluj has aked admin to give her details to posters so she can pass on her brokers details to others x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
many thanks to both of you for your help ... i will definitely contact the brokers luluj used to see if they can help ............i have emailed my IP but was a bit disappointed with the response... i asked if they could recommend a lender or if other people in our position in an iva with them had been successful so had an idea of who may lend and they just said they couldn't recommend anyone... great lol
morgan - dont forget even if you could remortgage(hightly unlikely) you would be paying sub prime rates. it worth checking your IVA proposal about equity release.
You may find that they will extend the IVA another 12 months
Last edited by ginger3232 on Sun Oct 02, 2011 1:26 pm, edited 1 time in total.
What it usually says is that your remortgage payments cannot be more than 50% of the IVA payments, even assuming you can get one.
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
Older proposals were less than helpful with the equity release provisions and often have to be varied in the light of current economic circumstances.
Check your proposal, as Ginger says, there could be provision for an extension instead of a remortgage (even though you will still have to try and produce evidence of refusals).
Incidentally, have you had any valuations ? Is there any equity there to release ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have shared my broker details with all that asked, but to put the record straight I got a new mortgage in April this year not a remortgage..... Not sure of anyone able to get a remortgage whilst IVA is current ... But never say never !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I completed my IVA in June of this year, after 5 looooong years and paid back 98% of the original debt! Woohoo!
Have been making some enquiries re mortgages (being a first time buyer) and have been firmly informed that not even sub-prime lenders will touch me until at least 3 years after completion of the IVA..[:0]#
I knew I would not be offered a millionaires mortgage on two days after completion, but it does feel a bit unfair.... [:(]
Coolbeans - lending criteria has changed dramatically over the last few years.
You IVA will still show on credit file for 6 years - also once this drops off credit file - so will everything else - so you wont have a credit history (which is very offputting to lenders) so you need to start to rebuild the history!so check you credit files to see whats on them.
You are likely to need a high deposit - use a whole market broker and of course be honest on the mortgage application (its illegal to lie on a mortgage application)
Last edited by ginger3232 on Mon Oct 03, 2011 1:19 pm, edited 1 time in total.
Thanks guys and girls - regardless of the "6 years" to drop off the credit file (although it always will have to be declared), the mortgage broker states that there needs to be an additional two years after this date prior to acceptance. This is the current lending state of the mortgage market (just quoting what I have been told[:)]).
Maybe something for us IVA survivors to bear in mind.... ah well think I will paint the kitchen afterall - it will certanily make my landlord smile [:D]
