mortgage after IVA

[jamie24]

Hi I completed my IVA 18 months early in March 2010. I want to move house,selling my property and buying a property elsewhere due to moving location at work. Is there anyway I can get a mortgage to do this? Ive not defaulted on my current mortgage,now got no debts and never missed payments on my IVA. I have over 25% deposit but because my credit score is bad no high street name bank is gonna consider me .Any ideas would be appreciated,many thanks.

[Shining]

Hi Jamie well done on conluding your IVA early, think your IVA will still show on your credit records until 6 years from the date of acceptance so I think it's going to be hard if not impossible to get a mortgage. Someone will be along soon I'm sure to help with maybe a name or two to contact x

[Andrew Graveson]

Hi jamie24,

You may wish to check the terms of your existing mortgage. Some are "portable" meaning you can transfer them from one property to another. If this is the case the information should be on the "Keyfacts" document you will have been given before obtaining your existing mortgage.

You may also wish to discuss the situation with your existing mortgage lender who is aware of your track record in making full payments on time and therefore may be more amendable than other lenders that do not have that knowledge.

The other thing that you could do is to approach a mortgage broker who can research the whole market, including some pretty obscure names that you may not think to approach, to work out what options are open to you.

[jamie24]

Hi Lesley thanx for replying and yeah gonna be very hard i think to get new mortgage.

[jamie24]

Hi Andrew,thanx for replying,I will check to see if existing mortgage is portable,but when i did phone them to try and get new mortgage everything was going fine till they did credit score and it came back failed and they wont lend me anything so i doubt i will get mortgage with anyone unless paying very high interest. So im stuck till six years has passed from date started my IVA.

[Andrew Graveson]

Speak to a mortgage broker Jamie. I'm aware of one High Street lender that will lend at pretty normal rates provided all the debts included in the IVA are marked as "satisfied" on an Experian credit report... even if the IVA completed a month ago.

There may be others as well.

[jamie24]

Hi Andrew could you tell me who the High street lender is over this please?Am talking to brokers who are finding out if anyone will lend.

[Andrew Graveson]

Hi Jamie,

I'm a qualified mortgage broker but currently am non-practising and therefore am non-authorised.

As such I'm not in a position to direct anyone towards one particular lender/product.

A decent broker should be able to find this out for you pretty quickly.

You'll also want to get hold of your Experian report to check that the status of the debts in the IVA are "satisfied".

[s27]

Andrew, what sort of deposit does that particular bank require? The only one 3 independent mortgage advisors have found is a subsidiary of a small building society who want 50% deposit. Is the bank you're thinking off one of the top and well known banks/building societies?
Many thanks

[Andrew Graveson]

Hi s27,

I'm double-checking on the deposit size and will post it once I confirm the detail.

[s27]

Thanks Andrew, been waiting for a comment like this for 12 months.

[Andrew Graveson]

It doesn't necessarily mean that the mortgage is freely/easily available I'm afraid.

The background is that I know of one mortgage broker that has been successful in getting a handfull of similar cases approved by the lender... though a couple have also not gone through as hoped.

[s27]

I can understand that not every applicant would succeed. However, I am more than willing to apply and it's some good news that there is a lender out there.

[Andrew Graveson]

The information from my mortgage broking associate is:

"There is no specific minimum deposit, each case is assessed and scored on an individual basis. Someone that earns £60000 with an established credit history and stable job is likely to need less of a deposit than someone on £15000 without great income security. In the current climate clients will probably require a minimum of 20% deposit to have any chance of passing the initial score."

Provided that Andy Davie is agreeable...
I'm happy to pass contact details on to this broker of anybody who would like to talk with him about current post-IVA mortgage needs. I can be contacted via our website or our details on the "Experts" page on this site.

[Adam Davies]

Hi
Yes this is fine.
Happy to assist people, who have concluded their IVAS, to get back into sensible mortgage rates.
Regards