www.iva.co.uk

After my IVA I am still trying to get away from NRAM, it's been two years now and my credit repair process has been done and I sit as Excellent on all credit reference agencies. I need to find another mortgage lender who will assist me and my wife in completing the puzzle and being able to move to another lender where we will be able to reach into some of the special interest rates and deals on the market at present. NRAM wrote of the loan side of our together mortgage and do not lend or give out new mortgages. Can anyone give us direction to another source for the better.

You may well be able to get a mortgage down the high street so speak to one of the experts such as Shaun Vickery who post here. The details are in the experts section and hopefully you can get away from NRAM and get a new proper deal.

From the limited information you provide, whilst many lenders may still decline an application, it may well be possible to find a more advantageous deal. It will depend on your other circumstances.

Good luck....but don't rely on credit ratings from agencies....it is a con.I subscribe I know.
Not content to just sell info to lenders, CRagencies decide to sell consumers creditscores,they mean sweet FA to lenders....

You could get an excellent score with experian with no lending history after an iva is cleared.Cos I did.

Credit scoring _risk assessment_ from lenders are complex and based on algorithms,and that formula look for types of borrowers that fit the billing.

The Iva history, the more recent will block most high street low rate offers,but you can get good deals still but not as good as if you never got an iva.

Delay your mortgage as long as you can to increase chances.Now Even that isn't a surefire guarantee to success

Tzekin I agree to an extent with what you say about credit reference agencies, their score is purely an indication of credit-worthiness but irrelevant to most lenders. it is however entirely possible to obtain identical deals for people who have previously been in an IVA, we have managed to do this for plenty of customers, but of course it does depend on the circumstances.

Indeed Shaun...it is all on case by case basis as always with the mortgage or any other credit application success thingie.

However specialist lenders have to be sought for ex via mortgage and a fee paid....you forgive me raising that one.

Just walking into a high street bank(s) would cost nothing to get a home loan and face to face negotiation with lenders are two major conveniences.Perks like having stamp duty paid etc not part of broker deals?

There are off course 'brokers special' rates like with insurance(no fees) but yet to hear of anything like that for ex iva mortgages.
I am an optimise but do not believe ignorance is bliss.Best to know the status quo.

There is a danger with going into high street banks and dealing with one of their advisors. They will quite often run a search and this will show on the credit file leading to further problems down the line if the application is rejected.

I had a friend a few years ago who had 'shopped around' the banks looking for the best deal. What he did not realise was each bank was searching him and his credit file showed multiple mortgage searches over a short period of time which nearly cost him a mortgage altogether. A broker will likely only carry one search and place the mortgage with the lender who is happy to proceed with what the search shows.

My analysis Michael suggest that an acceptance in principle in mortgages constitute a soft search and in my case hbos said only those banks in the group can see that.So it is invisible to other lenders.
Cannot comment on other people's situation.

I am sure the FCA or PRA regulating bodies would not accept that people have to pay a fee to brokers so to avoid soft credit searches on credit files and seen by all lenders.

The role of brokers incl insurance is ultimately and primarily to get the best deals that high street doesn't give or why use them and pay more.

Not seen that for ex iva mortgages yet.That is the challenge to be meet by the industry.My main point.

Lenders own policy on lending to applicants from past defaults is available and from what I have seen states that providing the
Iva is removed 6 years after the first recording the lenders will consider lending.Going direct therefore shouldn't be a risk with them if they hold to that principal
No need to fear rejection.It has been done and mentioned here with woolich.The proof.
Now never seen that ex iva lending policy with say HSBC.....so they don't lend to ex iva individual.

By all means people can go direct but I personally feel a broker is the best route to take and their fee is justifiable. There may be other factors to take into account such as self employment, contract work, missed mobile phone payments, age etc which have nothing to do with the IVA but will impact on whether or not someone gets a mortgage. For those reasons I would use a broker as they will find the best [and cheapest] deal taking account of all factors.

On anther thread 'Irish Ram' has been using Equity to obtain a mortgage and had recently taken out payday loans in the mistaken belief that this would improve his credit rating. This restricted his ability to borrow but also by waiting for a couple of months the overall rate has come down so the broker will have earned their fee many times over. Go direct and hopefully it works but I would always use a broker.

Using a broker such as Ryan from Zebra or Shaun will in my experience significantly help your chances of getting the mortgage right for your circumstances .....

Hi,
Michael and Luluj are right, You will need a broker who knows which lenders will accept people in your position. I would suggest you speak to a whole of market broker who specialise in people in your position. Myself or Shaun would be happy to help.

TzeKin,
Can i ask, did HSBC actually give you a mortgage?