The only problem I can foresee is those who were given mortgages at the lending prime no longer qualifying for any new mortgage products due to their income.
skippy when your rate ends you can phone them and get a new one as I suspect in 5 years time their SVR willl be scary! Abbey (at least at the moment) don't credit check when an existing customer moves from one fixed rate to another
This is one time I am thankful I am on SVR with our lender. Never done a fixed rate at all, and at least I know where I stand!
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
My first time is now on a fixed rate which is due to end in April/May of next year, IVA payment comes down accordingly so hopefully we'll be ok...would prefer a SVR must admit, first time I've done fixed rate.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
That's good news soashamed! We fixed for 5 years a couple months ago - although we didn't save a lot, at least we know the mortgage won't go up for a while.
Thanks Rhonnda, that's Harry monitoring the forum!
Just listened to an interesting conversation on Radio 5 from a person who took a 125% mortgage with N.Rock and then unfortunately had his property repo`d.
I posted on here years ago that we would have a problem with N. Rock and this type of product and also negative equity secured loans and look at the marketplace and they are long gone.
It beggars belief that it ever seemed financially viable, apparently banks are going to have to take responsibilty for making sure the customer can repay their mortgage, affordability should be a standard check for anyone applying for a mortgage or any type of finance, but then again with what I have seen with banks of late nothing would surprise me.Tony
F.P.C. 1,2,3 Qualified
Financial Planning Certificate
CeMap Qualified
Whole of Market Mortgage Broker
Managing Director : Debt Advisory Bureau
Debt Advisory 4U
Principal : All Mortgage Products
But where does this take all of us on the IVA trail that one day want to take on a mortgage once again - will we be able to or will we be penalised forever ?
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I doubt you will be penalised for ever. Your IVA or BR will drop off your record after 6 years, and unless you are specifically asked with an application then you don't have to mention it.
Even so, the longer you go afterwards and prove that you have learned your lesson and no longer have any problems with money, I don't see why you can't be the same as anyone else.
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
You could say "about time too" however i am not convinced by this. My view is theat the industry been what it is will find a way round this to get borrowers to overstretch themselves again.
What we really need is a shift in thinking to allow people to see renting as way of having a roof over your head rather than an obsesive zeal for been property owning. We rent and have done so for years. We are not ashamed to be renters in fact i am proud i was born in a council house and until recently served on the board that managed the properties.
My parents know about our circumstances and the IVA and do not have a problem with it, however I do feel for you who have problems in this area.
I was born and brought up in a council house, and my parents still live in one.
I prefer to own rather than rent though, for one thing, I shall be looking to sell once the IVA and mortgage are finished and buy somewhere abroad. This is turn will be left to my daughter.
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 know this is going to sound so mean it's unreal but I don't intend to leave much to my children at all, not because I don't want to because I can't. I intent to sell and rent and I doubt we'll have any money from this house so therefore to me it's been wasted income spent.
I can't even have a bath and haven't had one since beginning of IVA as boiler is up the shoot so just think if I'd have been renting I'd have just rang my landlord....oh well, in the grand scheme of things baths are nothing but I just want this pressure to go away.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
