www.MoneyNowFunding.com With the economy in a slump and the lenders facing a lot of
trouble, borrowers that have IVAs in their credit history have to face a
lot of problems when they try to find a mortgage lender. In the past,
finding IVA mortgages had not really been very difficult since there
were quite a lot of sub prime lenders willing to offer mortgages to just
about everyone, even without a credit check. However, all of this has
changed. The loan companies are no longer willing to take risk since
they are already struggling to stay afloat and recovering their losses. A
large number of loan companies have already packed up their businesses
and have exited the market which has narrowed down the options for these
borrowers even more.
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Finding a mortgage with an IVA
Borrowers today would find it more difficult than ever to find IVA mortgages. In the past few years it had been as easy as logging on to the internet, searching for sub prime mortgage lenders, filling up a form and getting an approval. However, today finding a lender that caters to their needs is a task that takes a lot of work. These borrowers would have to go about this task in a different way since the market too has changed in more ways than one could think of. The best thing to do today would be to approach a mortgage consultant or a broker.
There are several online brokers that can help borrowers find the kind of mortgage they are looking for like 85 percent and Adverse Mortgages. These brokers specialize in various niches and have good contacts so they would be able to help borrowers find lenders that offer mortgages to those with an IVA.
Lenders that cater to borrowers with IVAs
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There are very few lenders that still offer IVA mortgages with arrears to borrowers. Some of the companies that would still be willing to consider such borrowers are Providence Personal Finance, Norton Finance, Ocean Finance, The Mortgage Works etc. Most of the other mortgage lenders that had been catering to bad credit borrowers have already exited the market or have withdrawn their products form the market which would make it more difficult for the borrowers to find a good lender with their IVA.
However, borrowers should know that even though these lenders do cater to borrowers with an IVA, they would not be eligible for their lowest rate deals. The advertised APR would not be applicable in their case. An IVA is quite serious and even if you do manage to get an approval for a mortgage from one of these companies, you would have to be ready to pay a very high interest rate on your mortgage. However, since there really aren't many choices available and the number of lenders offering these mortgages are really less borrowers would have to take this option or find another alternative way to arrange for funds. Finding IVA mortgages is no longer as easy as it once had been.
Finding a mortgage with an IVA
Borrowers today would find it more difficult than ever to find IVA mortgages. In the past few years it had been as easy as logging on to the internet, searching for sub prime mortgage lenders, filling up a form and getting an approval. However, today finding a lender that caters to their needs is a task that takes a lot of work. These borrowers would have to go about this task in a different way since the market too has changed in more ways than one could think of. The best thing to do today would be to approach a mortgage consultant or a broker.
There are several online brokers that can help borrowers find the kind of mortgage they are looking for like 85 percent and Adverse Mortgages. These brokers specialize in various niches and have good contacts so they would be able to help borrowers find lenders that offer mortgages to those with an IVA.
Lenders that cater to borrowers with IVAs
There are very few lenders that still offer IVA mortgages with arrears to borrowers. Some of the companies that would still be willing to consider such borrowers are Providence Personal Finance, Norton Finance, Ocean Finance, The Mortgage Works etc. Most of the other mortgage lenders that had been catering to bad credit borrowers have already exited the market or have withdrawn their products form the market which would make it more difficult for the borrowers to find a good lender with their IVA.
However, borrowers should know that even though these lenders do cater to borrowers with an IVA, they would not be eligible for their lowest rate deals. The advertised APR would not be applicable in their case. An IVA is quite serious and even if you do manage to get an approval for a mortgage from one of these companies, you would have to be ready to pay a very high interest rate on your mortgage. However, since there really aren't many choices available and the number of lenders offering these mortgages are really less borrowers would have to take this option or find another alternative way to arrange for funds. Finding IVA mortgages is no longer as easy as it once had been.