Re-mortgage after IVA paid in full

andrews2528

Hi, little advise needed please, I have paid off my IVA with a final offer and have my certificate of completion 2 years ago, however I have 18 months before the 6 years has lapsed until its off my credit file.
my query is can I re-mortgage to obtain a better deal/rate as I have never missed a beat with my payments on the mortgage? or do I stick out the higher rate until its dropped off the credit file?
thanks

sourcrates

Hi,

I believe, and please correct me if I'm wrong, if you re-mortgage with the same lender you are not credit checked, only if you go to a different lender.

All lenders have there own acceptance criteria, but you won't get the best deals whilst the IVA is still on your file.

adyj73

You ARE credit checked with your existing lender!!

I had a similar situation and needed to get ex wife off the mortgage

I rung the Coventry BS and the girl ran through the request and as expected the computer said no!

However she then spent a few days putting a manual case together with all my details, what had happened, full details of why I had to do an IVA, my current situation with work, income and expenditure etc and she then presented it manually to a real person in the underwriters department

They came back saying yes and even gave me a better 5 year fixed rate saving me 2% P/A APR (I used this saving to decrease the remaining months on my mortgage by keeping my payments the same)

It helped that I had NEVER defaulted on my mortgage payment EVER in 10 years

I would suggest ringing up and speaking to your existing provider as I did above. It is highly unlikely a new provider would service you until the IVA drops off your file and those that will likely at a much higher rate. I am now on a 5 year fix at 3% (well 4 years left now)

Bernard_Coleslaw

adyj73 wrote: »

You ARE credit checked with your existing lender!!

I had a similar situation and needed to get ex wife off the mortgage

To be fair, that's not quite the same situation. You were doing a transfer of equity so they'd have needed to underwrite the mortgage on a sole-name basis.


If someone is simply changing their mortgage deal, and nothing else is altering, quite often lenders won't need to credit-check.

milliemonster

Bernard_Coleslaw wrote: »

To be fair, that's not quite the same situation. You were doing a transfer of equity so they'd have needed to underwrite the mortgage on a sole-name basis.


If someone is simply changing their mortgage deal, and nothing else is altering, quite often lenders won't need to credit-check.

correct, we have remortgaged twice since our IVA started back in 2010 and it was with the same lender and there were no issues.

Ours completed with a F&F earlier this year but as it still stays on your file until the 6 years are up there is absolutely no point trying to move lenders until it drops off

andrews2528

Thank you for all the responses! think il get a meeting arranged with the bank and see what's what.

memberme

depends on your circumstances but I just remortgaged with a diferent, top high street lender, 9 months after it dropped off my credit ref and i got a premium deal through a broker. i think you would be very lucky to get anything from another company worth considering....might be better and far cheaper in the long run when assessing arrangement and brojker fees, to hang on a couple more years

adyj73

I stand corrected :-)