IVA Mortgages Max 75 per cent LTV (Panic!)

[Adrian Ratcliffe]

My broker is an a@@@@@@ take it from me if you have an IVA the mortgage scene is now reaching the final curtain.
Because the Yanks own England or (Britain?) seems now the max LTV is 75% and no IVA will be considered (SPLM) and most companies to follow.
The future isn't Orange it's bleak.
Thanks to Northern Rock and it's portable mortgage (which isn't you have to go back through the credit ref agencies) so it's another lie your only porting your interest rate if you conform.
How a company with it's back to the wall can call the kettle is beyond me.
The wolves wear suits.
Anyways my IP won't let me downsize because im'e with Northern Rock and he says they are unstable.
The FSA are supposed to stop all this how can it be Northern Rock won't back IVA's but the IP's won't back anyone trying to move away from Northern Rock ?
No wonder 1 in 3 wants to move abroad.
A mate of myn in the building game got a house in the south of france for £70,000 3 bedder and guess what his neighbours are English

[catullus]

I'm afraid you've lost me on this one.

Downsizing within an IVA makes eminent sense and the "instability" of NR is irrelevent.

There must be more to this, methinks.

[mikebdomain]

Adrian

Get onto another broker. One with access to the whole of market. Yours seems to have a fairly restrictive panel of lenders. SPML have pulled away from sub prime and are affected by the American market as their backers are American. There are lots of lenders in the market who are not US backed. Obviously what will be available to you will depend on your personal circumstances, but it is always worth phoning a number of brokers to try and get the best deal.




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Specialising in adverse credit.

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[Adrian Ratcliffe]

catullus,

Read many of your posts, im'e from a working class background the very fact that you identified that IVA was set up for business use is the starting point.
I have never had the benefit of talking to my IP.
The very fact that you are lost on my post is academic you don't know your own market, my IVA company thinks Northern Rock would remo anyone who has an IVA.
Mike Iv'e done Cemap all brokers use all of the market, I don't want loads of brokers footprints on my s@@@h@t credit file 3 strikes and nobody will lend, self cert is out of the window you get asked to verify your income.
Something simple for both of you most IVA have 4th year equity @ 85% LTV all quotes are now 75% LTV so who pays the other 10% in to the IVA in year 4.
On the inside you IP's know the rumour about Northern Rock and that's why my IP's little runabout let it out of the bag.
All these IVA factories will end up defunked and discredited for the liers they are.
AS 4 r Catullus if you have the balls I have you should be on here giving your name as I do.
YOUR first move would be to be transparent I know I get outspoken that's me I know im'e not always right but i DON'T HIDE.
The fact that you post on here indicates you don't feel the system is fair, or are you one of the old boys laugin at the minnions.

[mikebdomain]

Adrian

Sorry, I did not get back to you earlier. Just to clarify a few points you make. Not all mortgage brokers are whole of market. We as a company were not until recently, most specialist sub prime brokers work from a panel of lenders designed to offer their target market the best options and to return the broker the best proc fees... Until recently the best sub prime lenders on most sub prime brokers panel were SPML, Prefered, Infinity amoungst others ALL these lenders were US backed and have pulled away BIG TIME from the market now their backers are scared of buying sub prime books.

Not all credit searches leave a footprint either & by the way my name is Mike Burridge (just in case that becomes an issue).


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[jpj]

Read online that Northern Rock pulled all their 213 mortgage products and have now replaced them with a mere 70 !....Well at least that means less people taking out NR mortgages,which means if they do get into trouble and end up applying for an IVA they wont be refused!!

Mikebdomains staff managed to find me a mortgage, in my IVA ay 87% LTV just last week...so i dont think the sky is going to fall in just yet on the mortgage system!!

[Soulgrowth]

Mike ... I keep forgetting to ask ... My new morgage is with Preferred. I have seen you mention them once or twice ... can you tell who they are, who they are backed by ... and what they are like. Thanks in anticipation.

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[Andrew Graveson]

Hi Soulgrowth and jpg,
I hope it helps to reassure you that I've had no negative feedback on Preferred whatsoever. It's correct to say that the roof hasn't fallen in on the IVA mortgage market. The truth is that there are less mortgage players involved at this section of the market right now and rates have gone up a bit but there are still deals out there that meet the needs of those in IVA's.

Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[mikebdomain]

Hi jpj
Northern rock have pulled a lot of their products and are starting to line a lot of their products up within the rest of the sub prime markets criteria - NOT BEFORE TIME... They do still offer the together product, which I personally do not like.

Soulgrowth
Preferred are a good lender and those of us that used to use them will miss their sub prime products, hopefully, in the future, they will find a more flexible backer and be back with a vengeance.

As for the sub prime mortgage market, products are now starting to settle down, we are seeing a few new lenders coming in with lots of different ideas e.g. one of the new players views satisfactorily conducted IVAs more as a loan, rather than sub prime criteria… could be good. And we are starting to see some very favourable rates coming back (bearing in mind the state of rates in the UK as a whole).

As Andrew quite rightly points out, the roof has not fallen in on the IVA mortgage market and there is no indication that it will.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Adam Davies]

Adrian
Be careful with your tone when posting,I will let it go on this occassion.Catullus has given his reasons for not posting under his real name and I fully support that.
If the market at the time of a remortgage dictates that you can only raise 75%ltv then that is all that you will be required to raise,regardless of the clause in your IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Soulgrowth]

I liked the feeling with 'Preferred' that they were willing to think out of the box. I must have just got in time with them as my remortgage completed early September. It is a quite high fixed-rate because it is obviously a sub prime mortgage ... and the idea is that I will change after the two year fixed rate period ... do 'Preferred' have a range of products that be able to change to.

Incidentally, I can't believe that I'm thinking long term about such things ... it is great to feel as if some muddy financial issues are getting clearer.

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[Soulgrowth]

I can understand Adrian's anger ... it gets to you sometimes. I felt a bit like that earlier in the week. But this is a very supportive forum Adrian ... so don't be tempted to bite the hand that feeds [:)]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[mikebdomain]

Soulgrowth

Unfortunately you will not be able to remortgage with preferred as their new criteria states that they no longer provide mortgage products to IVAs or bankruptcies until they are six years clear – you did get in, just in time before the new criteria took affect and who knows what their criteria will be, when you come to remortgage.

Not to worry though as I have already stated there are a lot of new players coming into the sub prime market with excellent criteria and fairly good rates.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Adrian Ratcliffe]

Andy (fair enough)
But these IP's have a duty to act with due diligence, they should know what products exist and loan to value ratios, most sub prime lenders won’t now put in print what
they will lend .
As for the hand that feeds me you can quote anything from this forum BUT that doesn’t
take in to account the differing opinions of each individual IVA factory or Company.
The fact that most IP’s won’t talk to the minions and don’t train the people who answer
the phones makes it impossible for less vulnerable people to even get an answer to the simplest of questions.
Andy it’s your site we have 1 IP in Melanie with 20 years does it need anyone else.

Adrian

[jpj]

Thats the beauty of this site...it answers the questions the IPs dont, so you either dont have to call your IP,or when you do call them you can speak with knowledge.