Getting a mortgage

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luluj

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Post by luluj » Wed Jul 14, 2010 9:17 pm
Does anyone know if getting a mortgage whilst in the IVA loop is getting any easier - ours will finish shortly and we will have a depost to put down but not sure who to try first ??
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plasticdaft

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Post by plasticdaft » Wed Jul 14, 2010 9:35 pm
Not sure things are any easier,and a hefty deposit is required but find yourself a whole of market broker and dont expect anywhere near a high street rate I am afraid.

Do you mean your current mortgage is ending? You could try your current lender perhaps.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
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luluj

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Post by luluj » Thu Jul 15, 2010 6:26 pm
No - we are in rented and will have inheritance to full back on and after paying IVA off to 100% we will have approx £100k deposit and are looking at properties about 180K - mortgage of £80k ish - any suggested mortgage brokers or where to look for them securely ?
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Michael Peoples

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Post by Michael Peoples » Thu Jul 15, 2010 8:03 pm
You could get a mortgage but the rates would be high. It might be better to invest the money and rent until your credit files clear up. However this leaves open the danger of house prices going up so it is hard one to call.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

luluj

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Post by luluj » Sun Jul 18, 2010 6:58 am
Thanks Michael - by the time th inheritance comes through, the final certificate is issued and I have then set to work on the credit agencies to ensure our records are correct it will probably be 2012 before we are in a position to act - therefore the deposit will have grown in interest and our usual IVA payment amount will have been added to our deposit too - so probably a mortgage of £50k is more likely to be needed - just maybe then we will find someone willing to offer us the mortgage !
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MelanieGiles

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Post by MelanieGiles » Sun Jul 18, 2010 10:56 am
I don't think that you will struggle to find someone to give you a mortgage, when you are asking for such a low loan to value, but as Michael says the interest rate will be loaded so do make sure that this make good commercial sense for you, expecially within a scenario of certain rising mortgage rates.
Regards, Melanie Giles, Insolvency Practitioner
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