End of fixed rate morgage!

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onevictor

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Post by onevictor » Wed Apr 04, 2012 1:23 pm
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Hi, half way through my IVA, all was going well until this morning when i recieved a letter from my morgage company informing me that my fixed rate had come to an end and they had put me onto the variable rate, when i contacted them to change onto another fixed rate they imformed me that they wouldnt offer me any other deal due to my credit rating as a result of my IVA, i have phoned a few other morgage companys who have said the same and wouldnt offer me a morgage, my morgage payment has gone up by £170 a month which needless to say i cant afford! what is going to happen ? please help..
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kallis3

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Post by kallis3 » Wed Apr 04, 2012 2:58 pm
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Unfortunately you won't be able to move your mortgage due the IVA as your credit rating will be shot.

Speak to your IP and let them know of the extra expense. They can lower your IVA payments by up to 15% without resorting to your creditors otherwise a variation meeting will have to be set up.

I'm sure it will be ok though as a lot of posters are experiencing similar problems.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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jurobo2

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Post by jurobo2 » Sun Jun 10, 2012 9:38 pm
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So how do the IVA company arrange for you to remortgage in the fourth year of your IVA to release equity if no one is going to take you on due to bad credit rating?
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Shining

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Post by Shining » Sun Jun 10, 2012 9:42 pm
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You will need to get a valuation and apply for a mortgage if you have equity, you will get knocked back (assuming) and then the 12 months extra in lieu of equity may come into play.

Always worth discussing with your own IP in the first instance though.

Welcome to the forum too.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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plasticdaft

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Post by plasticdaft » Sun Jun 10, 2012 10:14 pm
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It does seem a strange situation to be in for everyone having to waste time applying for remortgages only to be knocked back and have to extend the iva by 12 months in lieu of the equity.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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Isis Black

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Post by Isis Black » Mon Feb 25, 2013 7:02 pm
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its very crazy but hey i guess they just need that official notice to give proof you wont get it.

anyway we have found we were better off when our fixed rate finished :-) payments are lower so touch wood were ok till rates go up, then we shall see how things go
this time next year We'll be millionaires :-)
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rosie_percy

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Post by rosie_percy » Mon Jul 15, 2013 3:41 pm
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font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Isis Black

anyway we have found we were better off when our fixed rate finished :-) payments are lower so touch wood were ok till rates go up, then we shall see how things go
good on you :) always nice when payments are lower haha x
Rosie
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Struzzo39

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Post by Struzzo39 » Mon Jul 15, 2013 7:16 pm
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Hope you get sorted.
Steven & Debbie
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