I am in the process of offering a full and final settlement, if we are successful it is my hope to sell my property straight away and downsize, we re in slight negative equity, my current mortgage is with Natwest, my question is whether Natwest will port our mortgage over to a new property as we would not require an increase in lending or are we likely to have problems, I'm not sure Natwest know we are in an IVA as they have continued to offer us fixed rate mortgages during the 4 years we have been in our IVA, but I'm sure the IP should have informed them.
From personal experience all Porting a mortgage does is transfer the interest rate and conditions - , we had to complete their normal application form and pay any booking fees/legal fees etc. NatWest will be already aware of your IVA. They are likely to undertake a credit check on any new mortgage application. If you were sucessful how where you planning to addressed the negative equity.
It may be worth speaking to the two mortgage brokers on here - to discuss any options
Last edited by ginger323232 on Sun Apr 19, 2015 2:48 pm, edited 1 time in total.
Hi. Your current lenders will be aware of the IVA and I doubt would be co-operative regarding porting of your mortgage, especially as there is the question of negative equity to be addressed. The IVA will stay of your credit files for 6 years from the start, even if finished early and any financing or re-financing will be problematic, to say the least, while it is there.
As suggested, have a word with Ryan and or Shaun, two whole of market brokers with experience of adverse credit.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
