2nd mortgage - can I replace it in an IVA ?

[Dilbrain]

Hi all, hope you all had a great Xmas!!!![:D]
I am 4 months into my IVA and I have a question for the experts.
I have 2 mortgages on my house, the main one is ok and runs at a decent rate. My 2nd one is more of a secured loan.
It is for 40k over 21 years and the rate is now 12.5 %.[:u]
I would love to replace this with a 10 year mortgage for the same amount. If I could get a decent rate this would mean the monthly outgoing would remain the same.
This would then not affect my monthly outgoings and hopefully be cool with my creditors.
Is it possible for me to apply successfully for such a mortgage whilst in an IVA ?
My house is worth about 185k, both mortgages total at 140k, the IVA is for around 40k with a 10k final lump sum. My salary is 45k.
Can I go down this route or is it better to wait until the IVA is satisfied? It just seems a waste of funds and time on the current mortgage plan.

Thanks in advance !


D

[Storm]

The majority of lenders in this space need to see 12 months plus of good IVA performance to offer rates that will deliver similar payments.

The longer you are into the IVA ie 24 months plus the better the rates get. You will also benefit from a reduction in Loan to Value as your property value goes up and outstanding secured lending goes down over the 2 years.

[neverending]

Hi
Storm is correct,however you may be able to get a secured loan at a better rate than 12.5% even though you are only 4 months into your IVA.Your LTV is less than 80% and this will help your case.Speak with your IP and as long as your total mortgage payments do not increase then they should OK it.Then contact a broker and see what they can offer.You need to check for any redemption charges and you will need to have been in an IVA for a minimum of six months before a lender would consider you.
Regards