Finding a mortgage with a poor credit history is difficult and has to be approached very carefully because of the shortage of lenders available in this market. Having the advice of a qualified Poor Credit Mortgage Broker will greatly enhance your chances. With only a few sub prime lenders to choose from, getting it right first time is very important.
Steven Neale – Specialist Bad Credit Mortgage Broker
Steve and Sue made the whole process very easy and calming. The advice given set me at ease as I thought I wouldn’t be able to get a mortgage due to credit issues of the past. Highly recommend!
11th Mar 2020
Thanks both for all your help!
14 Feb 2020
Excellent service, always informed me of any information required in a timely manor.
13 Feb 2020
Steven and Sue were extremely helpful and knowledgeable and their calming influences made us feel at ease throughout the whole process.
03 Feb 2020
Very obliging, helpful and provided all the guidance we could have expected.
23 Jan 2020
Steve provided an excellent service to us and ensured we had the necessary documentation in readiness for our mortgage application. He was very patient in dealing with all our enquiries looking through several scenarios to suit our situation. The process was seamless and very satisfactory.
13 Jan 2020
SN Mortgages understood our position extremely well, even when there was an unexpected potential move rather than the remortgage.
28 Nov 2019
Thank you – yet again! We have organised a variety of mortgages over the years with SN Mortgages. The mortgage process is always complex by nature, but Steve and Sue always make the ‘journey’ as seamless as possible. Calm, friendly, helpful.
28 Nov 2019
S N Mortgages have provided an excellent service. They have been very accommodating to my personal requirements and provided a timely, yet thorough service. They provided multiple product options and talked me through the benefits in each case. Thank you both for your support and patience.
Mr & Mrs Tarring
14 Nov 2019
Thank you Steve & Sue for all your hard work in in securing a mortgage for us to purchase our first home. No query or question was too much trouble, thanks again.
Mr Hockley & Miss Lee
07 Nov 2019
As always, both Steven and Sue were knowledgeable, helpful, informative, quick and a pleasure to deal with.
19 Aug 2019
Can I get a mortgage with or after an IVA?
Your IVA does not have to be cleared!
The majority of lenders would not lend to you until you have been discharged from your IVA for at least 3 years, with some wanting it cleared for 6 years. However, I know of lenders willing to consider you even if you are still in the IVA and one where it does not have to be cleared.
How much can I borrow?
- 95% if the IVA started over 6 years ago and is finished.
- 90% if the IVA finished over 3 years ago
- 80% – satisfied for at least 2 years
- 75% – but the IVA must be satisfied before Completion and available for Help To Buy
- 70% – and your IVA does not have to be cleared. Available for Help To Buy but your IVA must be cleared before completion.
I know of other lenders that have variations on the above criteria so please call me to discuss if you could get a mortgage.
Governments Help to Buy (H2B) scheme with only a 5% deposit!
I have a lender that will lend on the Governments Help to Buy scheme where you only need a 5% deposit and the Government puts in 20% and I arrange a mortgage for the remaining 75% of the property’s value. The IVA must have been satisfied for at least 12 months.
Remortgage to pay off an IVA
If you have equity in your home, you could arrange a remortgage to clear your IVA early by offering a reduced settlement amount to your creditors. This could be quite a saving to you if your creditors are willing to accept a lower lump sum amount up front, instead of waiting 5 or 6 years to get their money. For example, if you owed £40,000 you could offer your creditors a lump sum final payment now of say £10,000 as a full & final payment saving you £30,000.
It also has the added benefit that your credit rating starts to improve quicker as you would no longer be in an IVA.
If you’re looking for Help to Buy (H2B) Mortgage advice when you have an IVA, I can help. Find out more on Help to Buy Mortgages with an IVA.
For more information on how I can help you find a mortgage after IVA, you have arrears, please call me on: 01494 526400 or complete my online Enquiry Form.