The end of this chapter, new mortgage approved

[whichwaynow]

Two years ago i owed about £90000 of debt. Once I took my head out of the sand and told my wife who did not know anything about it. (the hardest part was telling her but she stood my my side) I re mortgaged my share of our house and did a F&F IVA. This was approved in August 2007 and completed in february last year. We managed to get a 2 year fixed rate mortgage. which is due to finish later this year. Then alone came the credit crunch. Not much chance of any new mortgage. Well today after having had a meeting with my wifes old bank of which she has been with them a very long time they gave us a 5 year fixed rate mortgage. Not sure how but I passed the credit check with them. So for us this is truly a fresh start and a new future together with no money problems and been honest with each other.

[floridaholiday]

wow congratulations I am really pleased for you I can not wait for the day when I am in the same position and are able to get a Mortgage again, as we are living in rented accommodation which I find so hard after having my own house for fifteen years. I am going to crack open the largest bottle of champagne, when this happens to us. Best of luck to you both

[Lisa2009]

Brillaint news, very well done xxx

[kallis3]

Congratulations from me as well - fantastic news.

[kalla]

If you have a Joint Mortgage and your wife was not on the IVA to begin with, I doubt you(the pair) would have a problem in getting a remortgage rate unless you were still paying the IVA at renewal period. I have read you post previously but only now know the other half was not on the IVA.

You need to thank you wife on that one, as it is a joint mortgage.It sounds like her clean proven record carried you over the front door. Its good news indeed.

How the joint scoring works in credit assessment I have no idea, once again its the banks secret....however,if you and your wife had both been on an IVA even FF settled... I wouldn't have been certain of the success in getting a normal remortgage rate so quickly. I assume you got a good rate like most from a Prime bank.

The Bank chose not to 'penalise' you and took a joint view of your money situation.. Your post helps to unravel the mechanisms at work that leads to successful lending again.

[whichwaynow]

Must take a moment to thank everyone for all there help and advice over the last couple of years. I would like to thank Tony Parsons for all his advice as well. Yes my wife has a 100% clean credit file and having been a customer of HSBC for over 15 years it swung it in our favor. It is nice to think that we have a high street rate again.

[Skippy]

I'm glad you're finally sorted Whichwaynow x

[kalla]

HSBC,your lender,that's even more amazing, this bank is known to close iva accounts. You are back on the mend matey. Now, maybe you might consider going for the HSBC plus card....??? hahahha.

Credit files these days are like fine bone China, handle with care.

[Julie]

So nice to hear of positive news, well done you! A big well done to your wife too [:)]

[whichwaynow]

Having contacted most of the banks in the country it seems they all have their own lending policies Some banks like HSBC look at each mortgage application on its own merits . Most of the banks wont touch you if your IVA has been completed less than 1 year. Even then your defaults must be satisfied and it depends how many defaults you had and how much money you owed. The climate is very hard out there and if I had a £1.00 for each bank who told me that they would have given me a mortgage 18 months ago I would be a rich man.

[MelanieGiles]

Nice to see Tony Parsons getting some recogniton here. He works tirelessly to help people out, often on a free of charge basis, and will always look to find the right deal for a client, even if that means he does not receive a fee.

[David Mond]

Good positive news from both posters - good luck going forward from me.

[kallis3]

Good luck for the future whichwaynow - the only way is up!