Mortgage help

ivainprogress

Hi, ive been reading this forum for a while but never registered. Today I have had some news that I find a bit distressing and I wondered if anyone had been told the same. I am in a joint IVA with my husband (soon to be ex!). We have contributed to our IVA for 4 years and are completing our IVA with a lump sum payment from the sale of the marital home. Its all agreed with the creditors at a variance meeting so just need the house to sell now!

I have just spoken to Natwest who are our mortgage provider to ask what the chances are that I can retain a mortgage with them in my own name after the sale of the marital home, I was quite shocked when they told me they would never let me have a mortgage with them ever again, not even once the IVA is off my credit rating or a few years down the line. They have a new policy that they will never touch anyone ever again if they have ever been made bankrupt or had an IVA. What I actually want to know is if there will ever be any hope of me ever getting a mortgage again? Do all mortgage lenders now have this policy?

Quite concerned now! I am near the end of the IVA, have a new job that ive been in for 6 months, have a half decent salary for a single mum and would love to be able to own my own home again one day. Ive learnt my lesson regarding finances and didnt realise I was going to be penalised for the rest of my life for it!! Feeling very low right now. Has anyone been able to move on after a completed IVA and get a mortgage?

Help will be very much appreciated.

FoggyBrain_2

Don't worry -- there are many mortgage lenders out there -- if Natwest want to be (edited) that's their loss ! Once the IVA drops from your records and the market improves ( even squaky clean borrowers are having a hard time at the moment ) you will be able to try again.

Natwest seems to be getting IVA unfriendly at the moment :-(

Foxy-Stoat_3

You need to speak to a whole market broker NOT the high street banks, you will waste your time as the "computer says no". High street banks look at people that have complete IVA's with the same eyes as Bankrupts.

There are mortgage(s) out there at very high rates for the first couple of years. You will be able to get a mortgage with at least 25% deposit.

We have secured a mortgage @ 9% variable with the only lender that was willing to look at us, I have completed my iva nearly a year ago.

Good luck!