IVA Mortgage London Help

IVA mortgage free help and advice

June 2016 – IVA Mortgage Lender update

 
IVA Status Max Lending
Current
60%
Satisfied On Completion
75%
Satisfied 2 years
75%
Satisfied 3 years
80%

 

 

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IVA Mortgage in London Areas

Even though London is the capital city and often regarded as the most affluent, there are lots of normal people that are not as fortunate as the highly salaried London Bankers, with annual bonuses in the Millions !!   Property can be a great asset in London and so people seeking a mortgage after a discharged IVA in London, may well need some help in finding a suitable lender. Although an IVA puts a strain on your credit and your borrowing ability, it does not prevent you from getting a mortgage. Unlike bankruptcy, you can get mortgage or remortgage your home, whether you are in an IVA or have previously been in one. If you want a mortgage with a current IVA perhaps as part of the 4th year settlement -, then please get in touch as they need careful handling to ensure they complete swiftly and successfully. I have helped many clients who have been discharged bankrupts or have entered into IVA’s get a mortgage.  Although we dont have a london Base  – all that means to you is our fee’s wont be at London mortgage fee prices either !  so good news for you !

We can cover most areas of london including;  Barking, Dagenham, Crawley, Croydon, Enfield, Harrow, Waltham, and across  the outer areas such as  St. Albans, Maidenhead, Woking, Leatherhead, Aylesbury and Milton Keynes etc

Lending on IVA mortgages in London after an IVA can be difficult as Lenders are often strict on mortgage lending criteria after an IVA.  The last thing a lender wants is to lend you more than you can afford and end up with yet more bad credit.  IVA mortgage lenders in London and south east are going to look closely at affordability to ensure responsible lending for an IVA Mortgage London

 

 Mortgage interest rates  will be london iva mortgage propertyslightly higher following an IVA than London high st lenders  – but then you kind of  knew that anyway !

We have been placing London based people into responsible mortgage lending after an IVA for 15 years,  so whether you have just cleared your IVA, want to clear it on completion / release of funds or are still in the IVA, get in touch with us.

 

If you  are based or live in London and have had an IVA (Individual Voluntary Arrangement) in the past or even if you are working through one currently, getting an IVA mortgage deal can be difficult. While you are often able to keep your home, it is often the case that creditors will impose conditions on how some of the equity in your property is to be paid back. If you are still going through an IVA, getting the best remortgage or mortgage deal is in your interest to ensure you are not paying high interest rates.

An IVA mortgage and the rate you can expect to get will depend on how long ago you completed your IVA and the level of deposit that you have available.  We can cover most areas of london including;  Barking, Dagenham, Crawley, Croydon, Enfield, Harrow, Waltham, and across  the outer areas such as  St. Albans, Maidenhead, Woking, Leatherhead, Aylesbury and Milton Keynes etc

 

IVA Mortgage London: London IVA Mortgage

  • The term  is used to refer to; the taking out a remortgage in order to meet the final payment as arranged this is an IVA remortgage.
  • It can also mean applying for a mortgage while within an IVA or having had one recently, this is a mortgage with IVA.

Property & the IVA:
In the process of setting up the IVA, some creditors may include a clause  that after a set number of years, some of the value in your property will need to be released as a final payment to the creditors.

In this case you are limited on when to remortgage, however, this doesn’t mean you can’t get a good deal, you just need to shop around. Your insolvency company may suggest some lenders, but also approach other lenders for a  mortgage quote.

Mortgage with IVA
If applying for a mortgage within an IVA or soon after the insolvency, you will be subject to high interest rates because lenders will consider you a high risk.  London IVA mortgages also require a higher than normal deposit due to the level of risk.

To avoid paying high interest rates, ideally you should allow as much time as possible between the IVA and a mortgage application, this would allow your credit rating to recover considerably.

The Lender will also take into account other adverse credit such as arrears and County Court Judgements (CCJs). When all the these  have been taken into account, the lender will issue an IVA mortgage offer. It’s worth remembering that an IVA mortgage will not be available at the same interest rate as you may have paid for your previous mortgage. In fact, lenders will compensate themselves for the high risk by loading the interest rate by a few percentage points. However, once you have made the required payments on the mortgage at the right time, you may be able to switch to a product with a better interest rate after a few years.

Current IVA

Yes, people in an IVA can take out a mortgage. However, there are few points to remember if you are considering taking out a mortgage whilst in an IVA and would like to avoid some of the pitfalls.If applying for a mortgage within an IVA or soon after the insolvency, you will be subject to high interest rates because lenders will consider you a high risk. IVA mortgages also require a higher than normal deposit due to the level of risk.iva mortgage to purchase a new house

It is reasonable to assume that people in an IVA don’t have large levels of savings, and therefore putting down a deposit  could prove to be extremely difficult, not to mention trying to explain to your insolvency practitioner how you got the money when your IVA is subject to an annual supervision.

This does not mean that it is impossible. It may be that a family member or a friend is able to help by either lending or giving you the deposit

To avoid paying high interest rates, ideally you should allow as much time as possible between the IVA and a mortgage application, this would allow your credit rating to recover quite a bit. We can help you present your case for the new IVA Mortgage to your IVA supervisor — 90% of the cases we submit are agreed to by the supervisors helping you get your deal.

We can cover most areas of london including;  Barking, Dagenham, Crawley, Croydon, Enfield, Harrow, Waltham, and across  the outer areas such as  St. Albans, Maidenhead, Woking, Leatherhead, Aylesbury and Milton Keynes etc

 

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