Mortgage Post IVA

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allaboutme77
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by allaboutme77 » Wed Oct 04, 2017 8:35 am
Hi I would like advice please hopefully Shaun or Ryan will be able to comment. We are looking to sell our house next year around May to August hopefully. We are now post IVA since April, we have started to build up some savings we currently bank with Santander but it does appear that we will never have a Mortgage with them as the eligibility asks you have never been part of IVA. We have access to 2 other bank accounts, does switching all activity to one of these bank accounts one of which we are highly likely to apply for a mortgage with will it risk damaging whatever good record we have built up i.e 5 years of income and outgoing with no missed payments etc or can we move to the other bank account having approx 8 months to build on.
We never planned to stay with Santander as they seem to take a very harsh stance with IVA’s and bankruptcy etc
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Foggy
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by Foggy » Wed Oct 04, 2017 8:49 am
I wouldn't write Santander off as a potential lender right away. Although they ask "have you ever ...." , a "yes I have had an IVA" isn't always the end of the road. Personally, and others might have different views, I would keep the account with Santander going for now and, if you so wish, switch accounts to the new lending bank once you have secured the mortgage. You need to demonstrate good finances, but they don't have to be with an account at the lending bank.

I have had a few mortgages over my tattered lifetime and not many (if any) have been with my actual bank. I would definitely advise a word with Ryan and / or Shaun though --- as they know, from experience, which lenders are more likely to say "yes" for your particular set of circumstances.
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kallis3
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by kallis3 » Wed Oct 04, 2017 9:02 am
None of my mortgages have been with my bank - my last one was with a well known building society which I had no other financial dealings. I agree you should speak to either Ryan or Shaun.
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Ryan
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by Ryan » Wed Oct 04, 2017 9:53 am
As has been said already it doesn't really matter - Lenders (who may lend) want to lend to people who bank elsewhere in the hope that they transfer everything to them. They don't really care where you currently bank.

Regards
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allaboutme77
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by allaboutme77 » Wed Oct 04, 2017 10:16 pm
Thanks for the advice.
Ryan I could do with some advice on moving home like deposit required and size of mortgage and who to approach when the time comes.
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kallis3
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by kallis3 » Thu Oct 05, 2017 8:23 am
Give him a call. I am sure he will be able to help.
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Ryan
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by Ryan » Mon Oct 09, 2017 7:50 am
Hi allaboutme77

More than happy to discuss this with you.

Please contact me at the website below in my signature or via the Experts tab on the left hand side
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