Another Mortgage Question!! Completed IVA

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Dodgy_Keeper
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by Dodgy_Keeper » Thu Oct 18, 2018 11:25 am
Hi all,

Long time no posting!! However, this forum was a great source of support / reassurance while I was leading up to, and during my IVA!

however, looking for a general feel on a mortgage question....!

I've been out my IVA now for over a year (14 months give or take - started in 2011, all completed in 2017), and have in that time borrowed responsibly and within my means - a home improvement loan and a credit card. All credit reports are nice and sparkling - green everywhere!!

We are seriously contemplating a house move - and as part of my due diligence, have got a couple of "Decisions in Principle" from both our current mortgage lender, as well as Virgin and NatWest (soft searches, so no adverse effect on the old credit report).

Given that I've got a "DIP" (although appreciate this is only an indicator), and that my reports are in the clear, is this a fairly safe assumption to say that I should be able to borrow from a high street? Or would the prudent approach be to still go through a broker?

Answers on the back of a postcard. Or on here. Either works!!

Thanks in advance!

DK
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Ryan
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by Ryan » Thu Oct 18, 2018 12:01 pm
Hi DK,

So shortly after the 6 years of an IVA there are very few HIgh Street Lenders who will look to lend normally. A few will consider applications whcih generally means going to an Underwriter.

We certainly have access to Lenders who would look to lend normally now. It can also be a completely different experience, application process and result going directly to a Lender than via a Specialist Broker.


Regards
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Foggy
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by Foggy » Thu Oct 18, 2018 12:12 pm
I would go for a broker. I have seen a couple of instances here where the lender has proceeded with house hunting and started the process based on a DIP, only to be refused at the last hurdle !

You could strike lucky ( I have seen that too), but I wouldn't like to take the risk.
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Dodgy_Keeper
Posts: 151
by Dodgy_Keeper » Thu Oct 18, 2018 12:13 pm
Ryan wrote:
Hi DK,

So shortly after the 6 years of an IVA there are very few HIgh Street Lenders who will look to lend normally. A few will consider applications whcih generally means going to an Underwriter.

We certainly have access to Lenders who would look to lend normally now. It can also be a completely different experience, application process and result going directly to a Lender than via a Specialist Broker.


Regards


Cheers Ryan - think I was talking to Mike from your office a few month back - I shall get in touch again!!
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Shaun Vickery
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by Shaun Vickery » Thu Oct 18, 2018 1:08 pm
You may be lucky but you may also be setting yourself up for a whole lot of grief, particularly if you end up breaking a link in the chain at the eleventh hour. A good Mortgage Adviser with specialism in this area should be able to help, they'll also have direct links into lenders to help take the pressure off.
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