www.iva.co.uk

I completed my iva to the full term of long 5 years on 31.12.08. Now i am wanting to move and need to get a mortgage of at least £65000. I have seen the property i want to buy, but am struggling to get a mortgage. I am worried that if nothing is sorted out this property will be sold. I have put my own property up for sale and want to use what equity i have left after a sale(about £48000) as the deposit. Beacause of my iva record lenders are not offering me anything. Please help!

Hi hussa and welcome.

Well done for completing your IVA. Your iva will stay on your record till the end of this year, so that is not going to help you.

Mortgages are pretty hard to come by anyway, so I don't suppose that is helping. Plus I imagine that a lender will want to see your equity realised into cash before making a decision, and of course you're not going to be able to move before you sell your property.

Welshboy, who posts on here, does mortgages. You can find his details under the experts link on the left hand side of the page. Contact him and see if he can do anything for you.

hussa

Hello and welcome to the forum. You say you have a property to sell that will provide you with equity of about £48,000. How much is the property that you are looking to purchase. If you could let us know I can advise from there. Tony

Keep us all informed, an interesting post.I am glad post IVA people are posting here.The board in 2009 needs new offerings on IVA questons.

You seem to have approached main lenders and with a potential decent deposit on offer and if they aren't interested the credit market is more broken than I thought.Whatever your will be offered don't pay anothing like 8%!! There is another BOE base rate cut this Thursday...so you can do better than 8% for your loan.

Of course that deposit is only on offer if the house sells - otherwise there won't be one.

Hi Welshboy,
Thanks for replying.
The property which i want to buy is up for £107000, but i have put an offer in of £90000. The estate agent said they cannot forward this to the company selling because they need to see an AIP or money in your bank account first. I have always made my mortgage payments on time and kept a good record that way but it seems to be the iva which is letting me down. I have received the certificate of completion from the iva company i was with. I have got my property up for sale for £84950 and if i sell down to £80000 then after clearing my existing mortgage of £22000 and a secured loan of about £10000 i should be left with about £48000. After using this as a deposit for the new property i would like to borrow about £65000 because this property needs some work doing on it. It is a repossession.

I would also attempt to get your existing lender back on track. They are not treating you correctly or fairly - You kept all your existing mortgage payments up to date and you can show that you completed your IVA. Point out to them their requirement on TCF and how does that match up!

I hope you manage to get something sorted Hussa - it will be a shame if you can't get the house you want.

hussa

Thanks for the information. If you want to contact me then I can go through everything with you and explain your possible options. Tony

David Mond What is the TCF?
Sorry about my ignorance.

I believe it stands for treating customers fairly.

Thanks Kallis.
I came up with a great idea. I'm in a DMP and thought if I sold my house and moved somewhere cheaper, I could then offer a f&f and become debt and worry free.
I have never ever missed a mortgage payment so I contacted the Abbey. Their customer services said no way after I told them and admitted there would be defaults on my credit history. I pleaded so they said go and discuss it at the branch.
I rang and made an appointment then a couple of days later someone rang and asked what it was about.
I explained the situation and they just said there was no point going in there as they wouldn't help.
I once again pleaded my case. The young lady said she'd try the application.
She came back a couple of minutes later and basically said the computer said no.
If I was able to get a mortgage elsewhere then I would have to pay over £3000 penalty to the Abbey so I'm stuck

When does the penalty period cease?

You'd think with the way things are at the moment, that the lenders would be trying to help people when asked.

Hi, the penalty period doesn't finish until August 2011. I thought it was great at the time to get this long fixed rate but it has backfired.