The FCA wants to go back to basics giving mortgage on affordable basis.No preconditions cited.They regulate Banks.
At any interview with Banks that are known to be funny with post iva, it is going to be hard for them to look into faces and use the the post iva situation to say No! If you can afford the mortgage.
At the moment the banks hide behind their corporate identity with a letter saying No and no discussion.That is easy.But Interviews are two way process.
Certainty worth the effort and put your best arguments in.
Done my mortgage thing, if not would go for it.
Nothing to lose for anyone trying.
In many cases a mortgage based upon affordability, rather than income multipliers, would be better. We currently have a situation in this country where many young would be buyers are paying, and affording, rents higher than a prospective mortgage repayment, yet their income multipliers don't stack up.
I don't know if this is continent wide, but my in-laws (as were) had their mortgage based upon what they could afford as a repayment, after discussing ( at some length) their income, prospects and expenditure. The bank arrived at an affordable repayment and, from that figure, calculated what mortgage that would get.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
