Anything is possible Loz - but you will need your IP's permission, a bunch of creditors who say yes at a variation meeting, and a mortgage company to lend you the money. The latter factor will probably be the hardest to obtain.
The mortgage lenders are aware this specific area of lending has always been very lucrative. I think it will take the odd one or two to take the plunge and others will follow.
Some lenders were too heavily geared and couldn`t manage their mortgage book as well as they should.
It should be possible to get a 3rd year remortgage as it is at the moment but lending criteria and particularly loan to value is massively important, and probably will be for a while.
F.P.C. 1,2,3 Qualified
Financial Planning Certificate
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Whole of Market Mortgage Broker
Managing Director : Debt Advisory Bureau
Debt Advisory 4U
Principal : All Mortgage Products
Tonoy - what is the maximum loan to value you can get for a client in an IVA at the moment - and what sort of interest rate could someone expect to pay?
Melanie 75% seems to be the norm at the moment, but not every case is the same.
I did notice after the rate announcement a couple of emails promoting 90% deals at mid 6%`s but that wasn`t for those using IVA`s.
The point I am trying to make is as soon as the rate announcement was made lenders are trying to restrucure products to pull in business. I think it will take a lender to make the move and others will follow.
I had this specific conversation with a couple of others who have been doing this as long as myself and the general consensus was to expect things to be slowly improving mid 2009.
Loan to value seems to be key, but lenders will want this business again, the margins are more appealing to them. It`s just a case of sitting tight. Tony
F.P.C. 1,2,3 Qualified
Financial Planning Certificate
CeMap Qualified
Whole of Market Mortgage Broker
Managing Director : Debt Advisory Bureau
Debt Advisory 4U
Principal : All Mortgage Products
With Interest rates cut by 1.5% (a new record) I am sure the mortgage market will begin to move forward again.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
That is amazing - almost history in the making and it goes to show just how serious the credit crunch has been to the UK and world economy. I can remember watching the TV back last year when the queues were outside Northern Rock branches and thinking we were in for a short period of difficulty, but I am sure most people would not have predicted the enormity of what has happened in recent months.
Melvyn King should have been shot in the way he handled the Northern Rock debacle! It should have been done overnight as they did with Bear Sterns in the States. Problem is you have old fogies who don't realise what they are doing and advised by idiots employed in parts of the Civil Service. Everyone has known for a year that we were heading for a recession and King and his internal advisors mis-read all the facts. Roll on the day for the new generation to take control employing brains and none through cronyism!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
