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A ray of hope for adverse mortgages
talkalot
Posts: 218 Forumite
Came across this site by pure chance. Thought I would post about my recent mortgage woes to hopefully give some of you some hope.
To cut a very long story short I recently completed a full and final IVA. It was approved in August 2007 and completed in January last year. Now because of the amount of money I had owed and the amount of defaults on my credit file getting a re mortgage was not going to be easy. On the plus side all of the defaults had been satisfied and there was still quite a lot of equity in our house. So the picture last year was IVA had finished no debts and plenty of equity in the house. Well having tried 3 brokers and loads of ringing round at the end of last year not one bank in the country would offer us a mortgage unless it was about 13%. We has resigned ourselves to having to go on to the SVR when our fixed rate finished. At the start of this year we contacted HSBC on the off chance they might be able to help .As they do not deal with brokers they look at each case on its own merrits. We were amazed that they offered us a new mortgage and as our LTV was 60% they gave us a 10 year fixed rate. So by the time that finished my credit file will be well and truly repaired.
So the moral of this is if you have had poor credit in the past do not give up hope.
To cut a very long story short I recently completed a full and final IVA. It was approved in August 2007 and completed in January last year. Now because of the amount of money I had owed and the amount of defaults on my credit file getting a re mortgage was not going to be easy. On the plus side all of the defaults had been satisfied and there was still quite a lot of equity in our house. So the picture last year was IVA had finished no debts and plenty of equity in the house. Well having tried 3 brokers and loads of ringing round at the end of last year not one bank in the country would offer us a mortgage unless it was about 13%. We has resigned ourselves to having to go on to the SVR when our fixed rate finished. At the start of this year we contacted HSBC on the off chance they might be able to help .As they do not deal with brokers they look at each case on its own merrits. We were amazed that they offered us a new mortgage and as our LTV was 60% they gave us a 10 year fixed rate. So by the time that finished my credit file will be well and truly repaired.
So the moral of this is if you have had poor credit in the past do not give up hope.
0
Comments
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It's common sense lending from HSBC at that loan to value.
I think the difference is that, where as they are keen to lend, most other lenders are keen not to.I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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