credit history

[Andrew Graveson]

The "credit repair" mortgage product referred to by Andy is advanced by a particular lender which is known to be amendable to those in IVA's. They are particularly amenable to those in satisfactorily conducted IVA's (i.e your IP will confirm that you have met the terms of the IVA to date) that have been running for twelve months or more.

They offer reasonable rates to borrowers who have managed their IVA properly, and will offer their prime rate in the future to a new borrower who meets their new mortgage commitment properly for the next 24 months.

This is but one mortgage offer that is available in the current mortgage market. It's true to say that the current mortgage market is difficult for borrowers but there are still good deals out there in many many circumstances.

Mortgage-brokers can still often match solid-borrowers with fair-lenders despite previous credit issues, and despite the so-called credit-crunch.

[Emily]

Andrew about this 'credit repair mort'. How much deposit is needed for this mort' And are you you offering 100% 'subprime' styled products. I am asking because Mort' terms for most new buyers are going to be harsh - extra 0.2% on new fix rates;high deposits required;and fewer 100% offers and there are as of today no more 125% loan and mort' products.

Any details will be useful on this mort' from your company.

[Andrew Graveson]

Hi Emily,

I'm a mortgage intermediary rather than representing any lender.

I don't think it's worth focussing too hard on this particular mortgage as for many there may be more appropriate good value deals with other lenders. It was just mentioned to illustrate that there are some interesting arrangements available in the market.

You're absolutely right to say that in situations where some negative credit history exists a deposit will be needed, and rates may be higher than for those with perfect credit records.