www.iva.co.uk

can I apply for a mortgage?

Hello,

Are you in an IVA Aydin? Can you give us a few more details?

Hi and welcome! A few more details about your situation will help us give yu a bit more information. x

Hi,

Happy to provide advice if you can give us some more information on your current position

Great news about the Halifax mortgage with just 11% deposit recently Ryan...you must be working miracles! My BF has a near spotless credit history and can't find better than 20% deposit...but I think he's only spoken to one bank LOL!

What's the outlook for getting mortgages while in an iva? Do you think the Market will loosen up that much?

Halifax was a old creditor, would they consider me with a 11% deposit?

The market will start to open up,it cannot afford not to,but dont expect the 5% deposit 125%ltv's that we had previously,or the self cert mortgages where people could borrow stupid amounts of cash!!

Paul

Just a little story of our experience:-

We decided to look at at remortgage from Co-op and /RBS - both ask the question "have you ever been in a formal arrangement" - after being refused, on line by the RBS.
We approached Ryan (zebra money) principle decision given, with free house valuation, product and legal fees added to mortgage -Halifax @4.49% - two year fixed, the valuation completed undertaken - mortgage offer came through on Wednesday 6th.

Although there are brokers fees to pay - £495 - these are clearly marked - there was however was no pressure on buying further amounts of Life insurance etc.

It sad that some places have resorted to ask the "have you ever question" - despite a F+F settlement in 2002.

Moral of the story - save you self time and trouble approach a few whole market brokers and allow them to do the work for you.

So things are changing - it just a matter to know where to find them.

Its always worth contacting anyone who has turned you down online(insurance companies included),by phone as we found some insurers who online wouldnt offer monthly terms but were happy to do so by phone.

Whats the LTV on yours Ginger if you dont mind me asking?

Paul

Hi

Just shows the value of using a professional to help you

Regards

About 72% -- i appreciate that remortgages are usually quicker, but the free legal and house survey - saved a few hundred pounds - fixed for two years at 4.49%

sounds like a decent deal,regardless of credit history etc.
Another pat on the back for Ryan!!!

Paul

Sounds like a great deal! Well done Ginger x

Hi,

Broke,
Thanks for the kind words, but not miracles, just need to know how to deal with these situations and go to the right lender. Happy to help your BF out, if they want to get in touch.
i am now able to get people in IVA's secured loans to settle their IVA, so this is the start of something positive for people in this position, but i cannot see lenders moving in to this area in the near future.
They are being too careful who they lend to, and cherry picking.

Matrix, i have recently obtained mortgages with the same lender that clients have placed in to their IVA's, i do not see this as a major issue, but obviously depends on the clients circumstances

Ginger, thanks for the kind words, glad we were able to get this sorted for you

Well done Ryan .....great work all round !