www.iva.co.uk

Hi

We have managed to get an offer on our place (yesterday!) and are now in a position to move.

When I last posted about our mortgage with Northern Rock they were able to remortgage us onto a fixed deal (we're SVR at the moment) but we decided to hang fire on doing this until we were in a position to move.

Now we are i've spoken to NR and althouth we can port existing mortgage T&C's across to new house, we can't remortgage with new fixed rate deal

Does anyone know of any mortgage lenders who will deal with people in an IVA? we want to fix our rate so we know where we are each month.

We'll be getting a good LTV of between 70% - 75%.

Can anyone help?

Many thanks, Kate

I think you will find it difficult to move lenders whilst in an IVA and your best bet would probably to work with NR and get through it as best you can.

I'll bump this back up,see if anyone can help.

One of our professionals will be along soon I'm sure hang in there x

If you send me your details via e-mail I may know of a couple of brokers who would look at this for you.

Hi Melanie

I'm with Philip Gill & Co anyway so I'll email you.

Kate

Even better - sorry I don't recognise you from your forum name!

Hi Melanie

that's ok, wouldn't have expected you too. It's a silly family nickname of mine, still being called it at 30 can be a bit embarressing!!

I'll drop you an email

Kate

Have received the e-mail - and of course I remember your case very well!! Does J call you KitKat as well!!!

I too am on standard variable rate with Northern Rock (spotting a trend onhere )
My IVA was approved almost a year ago now and i am in the process of sorting out my credit file which still seems to be out of date with creditor status details, but...
I would like to see if I can either move house, or at least improve the rate i pay on my current mortgage - anything I can save will be a massive help for obvious reasons.

Does anyone know of a broker or lender who will look at a 1 yr completed IVa appicant? I'm not keen to start making lots of random applications because I have managed to get a Vanquis credit card and have started to rebuild my credit history.

Not usually Melanie no. On the very odd occasion that he does, its usually to annoy me more than anything!! [:D]

Piston - Its a real shame that lenders treat people who've had/currently got an IVA differently isn't it. I spoke to lots of known lenders who said they won't touch anyone until 4 years after completion.

Seems a bit narrow minded to me, as far as I'm concerned i'm a much more reliable and dependable customer for payments, other customers may have lots of credit cards or unsecured loans. The only difference is I decided to do something about it and get an IVA, whereas they will trundle along racking up more debt and yet will still be able (generally) to get a mortgage much easier than I can.

The reality is those (generally) in a IVA are far more serious about their finances and are committed to doing something about it, whereas people with credit cards/loans etc still have their heads firmly planted in the ground, and I think are a higher long term risk.

Sometimes we do have to make serious decisions, and going down the route of an IVA is a serious decision but we've not got far to go now and i've felt a lot less stressed during the IVA than I did with what we were doing before.

Good luck with finding someone and let us know how you get on

Kate [:)]

I guess the daftest thing about this now is that I DO have a mortgage and its being managed perfectly - I just cant change it in any way. So no matter how well I manage my finances (and mortgage) it seems im stuck - I say "BOOOOOOO!"

We have to remember that lenders base decisions on credit history,and the fact that many of us have defaulted shows us to be a bigger risk,regardless of how reformed we are!!

Paul

Yup! - we're damaged goods!

I really don't agree with that, and stand by what I said. Entering an IVA proves that yes the past wasn't great, but we're looking forward and correcting it.

All those people out there who run up their unsecured debts and have to rely on credit cards and overdraft are much less reliable than people in a plan such as an IVA.

I work for a company that administers mortgages for other lenders. I personally worked in the arrears department for 7 months last year (I even had to disclose my situation before being allowed to help them out) I spoke to and encountered handfuls and handfuls of people who are seriously in debt with their mortgage company as they'd rather spend hundreds on holidays, sky tv, cigarettes, alcohol etc. Are these people really less of a risk?!!!

I never defaulted prior to starting the IVA process and this was because you have to stop payments, I just realised I wasn't gonig to get anywhere unless I had some advice/help and actually face up to my situation.