New Mortgage with IVA

[Mazda1]

Hi there

I would like advice as to the best mortgage lenders to speak to with regards to getting a new mortgage (with an IVA) along with my partner (who does not have an IVA). I have just sold my flat and am proposing to pay back a lump sum into my IVA and my partner and I are looking to buy a house, where the mortgage is obviously higher than the one I was paying personally. Northern Rock (I can hear the groaning now [:I])have said they would lend me exactly the same mortgage as I originally had ~ they have not taken my partner into consideration at all (even though they said they had). I am concerned that we won't be able to get a mortgage between us and that he will be penalised because of my IVA. Could you suggest someone I could speak to regarding this please.

Many thanks

[mikebdomain]

Hi Mazda and welcome to the forum

I would suggest you talk to a broker who can search the whole of the mortgage market for you. As long as you have the permission of your IP / creditors to take out a mortgage you should not encounter any problems.

Obviously the rate you could obtain will depend on your personal circumstances. There are three people who regularly post on this forum who will be only too glad to help, they are:

Obviously myself (Mike Burridge Leybridge)
Andrew Graveson of Brightoak
And last but not least Tony Parsons (Welshboy) of All Mortgage Products

Northern Rock still have a number of good products and are worth talking to if you are still with them as you may be able to save on associated application charges.


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LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
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Financial Planning Certificate
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see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
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Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Mazda1]

Hi Mike

Many thanks for such a quick response! Are you sitting on the PC [:)]? I only have a mortgage with Northern Rock so I don't think they can help me any further,

I will give you (or one of your colleagues) a ring if I may but I will wait until I am feeling better ~ currently feeling very sorry for myself with flu!!

When obtaining a mortgage is it a fact that a partner without any IVA will also be penalised? My current mortgage was for £100k and we are looking for a mortgage for £170k (we are putting £10k down as a deposit). My logic tells me that if I've had no defaults on my original mortgage or any default on my IVA and my partner is a 'model' citizen we are looking for a mortgage essentially for another £70k which he could meet? Your advice would be greatly appreciated.

Hi Mazda and welcome to the forum

I would suggest you talk to a broker who can search the whole of the mortgage market for you. As long as you have the permission of your IP / creditors to take out a mortgage you should not encounter any problems.

Obviously the rate you could obtain will depend on your personal circumstances. There are three people who regularly post on this forum who will be only too glad to help, they are:

Obviously myself (Mike Burridge Leybridge)
Andrew Graveson of Brightoak
And last but not least Tony Parsons (Welshboy) of All Mortgage Products

Northern Rock still have a number of good products and are worth talking to if you are still with them as you may be able to save on associated application charges.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

Janeyx

[mikebdomain]

All my work is on the PC and I have iva.co.uk sat in the background and just peek every now and then…

Effectively, yes your partner will be 'penalised' insofar that your IVA will be taken into consideration when a broker searches for a suitable mortgage product to match your joint circumstances

You will need to find; 10 to 15% deposit, plus stamp duty (if applicable), plus solicitors costs, plus associated fees.

It is difficult if not impossible to give anything other than general advise on the forum, as ALL your details need to be taken into consideration and you will need to speak directly with an advisor. When you are feeling better please feel free to give any of us a call

Hope your feeling better soon

[Mazda1]

Thanks Mike ... I'll give a ring shortly ...

Jane ...