Mortgage 3 years after f&f

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fran557
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by fran557 » Sun Sep 24, 2017 3:41 pm
Hi, my husband and I began an Iva in September 2012, we agreed and completed a full and final on October 29th 2014, three year next month. We are looking to move to a bigger property and need help finding a mortgage, we would need £170000, and have a deposit of £60000, we have a current mortgage with Lloyds and the 60k is equity. The mortgage at Lloyds is in my husbands name with his Mum as guarantor, any advice would be great, thanks
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Foggy
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by Foggy » Sun Sep 24, 2017 3:50 pm
Finishing early will not really help with the mortgage -- the IVA will remain on your credit files for 6 years from the start regardless. It might be an idea to have a word with Ryan and / or Shaun, two whole of market brokers who have experience with adverse applications, who have both helped many forum members get mortgages after their IVAs. Their details can be found under the "Quick Links" tab above (top left) and then under "The Team" on the drop down --- they are towards the end of the list in yellow
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fran557
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by fran557 » Sun Sep 24, 2017 4:24 pm
Thank you for your reply. I will have a look for Ryan and Shaun on the forum and send them a message.

I have read a lot online about mortgages after/during Iva and it appears that once the full and final has been complete for three year you can get better interest rates. I was also wondering if having his Mum as guarantor again may help.

Thanks again.
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Foggy
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by Foggy » Sun Sep 24, 2017 4:56 pm
fran557 wrote:
Thank you for your reply. I will have a look for Ryan and Shaun on the forum and send them a message.

I have read a lot online about mortgages after/during Iva and it appears that once the full and final has been complete for three year you can get better interest rates. I was also wondering if having his Mum as guarantor again may help.

Thanks again.



Obviously the longer you can wait the better, but the elephant in the room is still the IVA itself while it is still on your credit reference files. You will pay higher rates until it has gone, and, even then, it will depend upon the internal policies of each lender. A guarantor usually helps.
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luluj
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by luluj » Mon Sep 25, 2017 1:43 am
Definitely support Foggy's advice. We have used Ryan on several occasions since our iva ended and have always found them to be professional and honest in what can be achieved. Other forum members have used Shaun and have had the same experiences.
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Ryan
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by Ryan » Mon Sep 25, 2017 7:57 am
We'd be happy to take a look at your situation if you were to contact us.

Much of the information on-line sadly is either out of date or incorrect. Many Lenders don't take a full and final into account and even those that do are often relying on credit scoring still and having defaults etc still showing on a credit report is bad for credit scores so it's very very difficult still.

Regards
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fran557
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by fran557 » Mon Sep 25, 2017 8:04 am
Ryan, I have sent an enquiry via the link to your website.

Thank you for all the info and advice.
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