Has anybody who has been in an IVA had a successful mortgage application ?

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nonewdebt

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Post by nonewdebt » Tue Feb 24, 2015 7:19 pm
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This mysterious mortgage lender steve' that you are alluding to seem to be offering a product that best fit the iva clienteles.
Please to hear that but what is the catch....double digit interest rate...Foreign lender perhaps?

The fact the lender takes the nature of the iva into account in considering lending is unheard of.
70% mortgage offer to ex/iva clients is not the highest I have seen but understandable.
Another paradigm in lending:-)
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Mortgagesteve

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Post by Mortgagesteve » Tue Feb 24, 2015 7:34 pm
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Hi nonewddebt,

LOL! No a UK lender and no catch.

At 70% the rate is LIBOR + 6.9% = c7.4%
At 65% LIBOR + 6.5% = c7%

To borrow 70% the IVA must have been maintained satisfactory for 24 months and 65% for 12 months.

Their fee is 1.5% of the mortgage amount with a minimum fee of £995 with a minimum loan size of £50k.

More importantly there is no redemption fee so as ones credit improves, there is the possibility of a remortgage later down the line.

Regards
Steve
Every thing comes to he who waits.
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Shining

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Post by Shining » Wed Feb 25, 2015 8:11 am
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Seems fairly transparent to me and no harm in getting advice from Steve alongside our two resident mortgage experts too before making an informed decision.

Steve why not ask Admin/Andy to give you expert status?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Mortgagesteve

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Post by Mortgagesteve » Wed Feb 25, 2015 7:18 pm
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Hi Lesley,
It is a good scheme particularly as their is no redemption fees.
I hope one day to be recognised on this forum as an expert but Admin would like me to post for a while to gauge my knowledge and customer feedback. That makes perfect sense so I am happy to share the knowledge until that day - as my signature says 'Everything comes to he who waits'.
Regards
Steve
Every thing comes to he who waits.
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nonewdebt

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Post by nonewdebt » Thu Feb 26, 2015 8:03 pm
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You can't go wrong with a high street lender these days so a welcome lending addition.
You keeping us guessing Steve on who the lender is? But I understand.
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Donnad0267

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Post by Donnad0267 » Fri Jun 05, 2015 9:33 am
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Just a quick update.
I want to thank you all for you advice band the help of Ryan/Mike (zebra money) we successfully exchanged contracts with an agreed completion date of the 12th June. Myself and family are over the moon and had I not written on this forum I would not be on the position.
Big thank you to everyone
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Foggy

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Post by Foggy » Fri Jun 05, 2015 9:54 am
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Congratulations ! Up to your eyes in packing cases now :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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MG12

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Post by MG12 » Fri Jun 05, 2015 11:39 am
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Congratulations Donna on getting your mortgage sorted. Stories like this give hope to all of us in an IVA.
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hwima

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Post by hwima » Fri Jun 05, 2015 1:27 pm
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Congrats Donnad0267

Not many people come back with the outcome. Guess that also means you're one of the few to be accepted?
*IVA started Sept 2010
*Last Payment Taken August 2015
*Completion Certificate Issued November 2015
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luluj

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Post by luluj » Fri Jun 05, 2015 3:47 pm
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Great news ... here's to your new home xx
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
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Steven1001

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Post by Steven1001 » Fri Jun 05, 2015 3:56 pm
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Fantastic news, I'm frantically cleaning my credit file now before contacting the mortgage experts!! Shouldn't be too long now! Glad you got sorted!!
There's more to life than money....but it does help!!

64 payments made. Full and final with payments made to date accepted on 26/05/15 :-) completion certificate received 17/06/15 :)
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Donnad0267

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Post by Donnad0267 » Tue Jun 09, 2015 4:20 pm
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I couldn't believe how easy it was. I emailed Ryan who replied within a few hours. I then had a phone call the following day. I forwarded my credit report and completed a fact find form and within the hour I had a mortgage offer. I am so happy that my IVA is no longer holding me back. Wish I had visited this forum sooner. Best of luck to anyone who is also in mine or a similar situation.
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Donnad0267

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Post by Donnad0267 » Tue Jun 09, 2015 4:23 pm
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Yes busy packing and stressing about moving now.
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