I am in the last stages of an IVA and need to provide two letters saying I either can or cannot get a remortgage to realise the equity (11K) in my house. I am finding it very difficult to do this - mortgage lenders are saying NO but not prepared to go into print. Can you offer me any tips on what to do next or which mortgage lenders will give me a NO letter?
Many thanks
Could you not just apply online and then when you get the rejection email send a copy of that? is it as simple as that? I really don't know what they expect having not been in this position yet
I applied on line and got replies from: moneydebtandcredit, nortonfinance and oceanfinance. The replies I got were, if you haven't got at least 70% equity available they can't help you.
At least it did the trick, my house has been excluded from my arrangement and my final payment is next week, then that's it [:D][:D][:D][:D]
IVA COMPLETED ON THE 17th MARCH, FINAL I&E COMPLETED 26th APRIL, COMPLETION CERTIFICATE ARRIVED 2nd AUGUST
Following on from the post below I have rang my IP and they suggested I applied for a mortgage online to get an emailed refusal. However I tried that 3 times and all I got was a message that that I needed to go into a branch to apply !! This is turning into a viscious circle (
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by northumbrian69
I applied on line and got replies from: moneydebtandcredit, nortonfinance and oceanfinance. The replies I got were, if you haven't got at least 70% equity available they can't help you.
At least it did the trick, my house has been excluded from my arrangement and my final payment is next week, then that's it [:D][:D][:D][:D]
Can you tell me if you replied direct or through something like moneysupermarket?
I applied direct, I was the same as you, couldn't get a written answer from high street lenders, do a search on bad credit mortgages and hopefully at least 2 will answer, good luck [:)][:)][:)]
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Brownowl
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by northumbrian69
I applied on line and got replies from: moneydebtandcredit, nortonfinance and oceanfinance. The replies I got were, if you haven't got at least 70% equity available they can't help you.
At least it did the trick, my house has been excluded from my arrangement and my final payment is next week, then that's it [:D][:D][:D][:D]
Can you tell me if you replied direct or through something like moneysupermarket?
IVA COMPLETED ON THE 17th MARCH, FINAL I&E COMPLETED 26th APRIL, COMPLETION CERTIFICATE ARRIVED 2nd AUGUST
I use a broker who charges £100 to issue the required letters - the cost of which can be borne as a cost to the estate. Happy to provide his details if you come stuck elsewhere.
Do you think Melanie that this issue of people getting their rejections in writing needs to be looked at? I except that we do need to prove that we have tried and failed to remortgage but there seems to be more and more people coming to the end of their IVA's and being put under more stress to get these rejections in writing which surley is unfair.
Why are peoples current lenders not happy to put their rejections in writing? Is to make things a bit more difficult for us, as they are fully aware we are in IVA'S?
I think this issue needs to be persued by the IP's with the mortgage lenders to help people address this sitiuation.
I don't think it is to make things more difficult for us, it is just that they want paying for their time. They come out and value the property, then they have to dictate the letter to their secretary/admin worker, then this needs to be typed and sent in the post. All takes time and they want to be paid the going rate. At the end of the day, if they thought they were going to get a sale out of it, then this stage of the process would be swallowed up in their other fees, but as they know the property will not be put on the market for them to administer, you can't blame them for wanting to be paid.
Kaykay, I don't think we're talking about estate agent valuations here, but evidence of mortgage rejections from lenders.
I would have thought that if you had made a formal application for a mortgage then a lender would have to put the rejection in writing.
Presumably if they are giving a verbal decline then a formal application has not been made, just a telephone enquiry.
A lot of building societies and banks allow you to apply online for approval in principle. I've not tried it but I assume if you were rejected then it would provide some form of documentary evidence that should be sufficient.
Last edited by vince666 on Wed Mar 07, 2012 9:15 am, edited 1 time in total.
I agree Vince, I think it's mortgage rejections as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think thats gonna be the key Vince666. I think instead of having a chat over the phone with your current lender, and one other i think you are gonna have to do a proper application to re-mortgage so that you do get that all important bit of paper.
Out of intrest KAYKAY what did you do when it came to the end of your IVA?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by baldy
Out of intrest KAYKAY what did you do when it came to the end of your IVA?
Baldy
We got to year 5 and couldn't re-mortgage, contacted a couple of mortgage lenders who were unable to help, and if I remember rightly, we too struggled to get things in writing. We had to settle for e-mail refusals as well. Forwarded these to DFD who then set up a variation meeting. The terms of which were:-
Extend agreement for 12 months
Remove the property from the agreement
Waive the minimum divident of 73p in the pound to just over 50p in the pound.
This variation was accepted and instead of re-mortgaging for £34k, we paid 12 months at the current monthly payment of IVA realising just over £10k.
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