Well just been to another one of those specialised lending conferences, where us mortgage advisors hone up our skills so we can give Mortgage advice to people, particularly those seeing if they can get a mortgage after an IVA.
There are a few options now, whereby they can either get a mortgage during or after an iva, or perhaps even just a second charge loan.
Many people who approach me with an IVA and looking to clear the iva with a new remortgage, are doing so with a great deal from their current lender , eg Santander or Natwest, but their main mortgage lender won’t let them remortgage to clear the iva, as they took out that mortgage before they had the iva, and now their current lender won’t refinance them because of the iva. Even though they have been paying the mortgage on time for years.
Well we can now look to either refinance them so that they can clear their iva, or even just take out a small loan and leave the main mortgage with Natwest etc intact
Getting a Mortgage after an IVA?
is now easier with more and more lenders being prepared to help out people = loan to value ( LTV) still plays a part and mortgage lenders wont go above 75% but some loan companies will go a bit higher and some have more favourable affordability calculators meaning they can actually lend more than the mortgage lender might.
It’s all a measure of balance, which is best Getting a Mortgage after an IVA? or getting a loan after an IVA ?, it will all come down to circumstances and affordability, and that’s why getting good mortgage advice can be key for these people.
With 15 years experiance of helping people get a mortgage with current or recent iva’s I am used to helping people understand what deals and rates they CAN get and how the lenders assess mortgage rates and deals available to them
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