Can you advise on the best route to take now?

[natty]

Hi, I hope you can help. I am currently in an IVE - 2 and a half years into it. We are trying to keep our heads down and survive the term! Today our mortgage went up by £120 per month - no notice was received from our mortgage company. The 3 year fixed interest rate has obviously ended. Can you advise on the best route to take now? Would it be an option to remortgage, if so what lender is best for someone in an IVA? Many thanks for your help.

[MelanieGiles]

I would have thought that you would have been aware of the ending of a fixed rate period, and that this should have been built into your IVA payments. A remortgage might be possible, but you are unlikely to get lower than the current variable rate, and you will need to discuss the implications of higher mortgage payments with your IP to see if a variation of the arrangement is a viable option.

[jpj]

Just cause your mortgage company has put you onto standard variable doesnt mean you cant check out their other rates available....my fixed mortgage ended...i was automatically put on the standard variable, but managed to get a better deal by asking what other deals were available...
might be worth looking at your lenders rates online![:)]

[Soulgrowth]

Just wanted to say good luck natty ... this must have come as a shock to you ... I am sure that you will find a solution though.

Debbie

[MelanieGiles]

That's great advice from jpj - showing that it definately is worth asking a few questions of your lender.