We recently started on IVA and we are nearing the end of our mortgage deal(fixed term)the bank send us mail regarding this. Do you think we can try getting a new deal? Or will be unlikely to get approved due to IVA?The bank letter states that no new credit or affordability checks if we stay with them.
Or do nothing and m let it be move automatically to Standard Variable Rate(SVR)?
Thank
Many posters have had new fixed rate deals agreed with current lenders at better than variable rate. As you are staying with your current lender (you will not be able to move to another anyway) they are not taking on any further risk than they have now.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy! So you think it is fine for us to go through with the renewal of the mortgage deal? We are a bit worried that the interest will shook up high due to us being on IVA.
I got a new fixed rate mortgage with Halifax when mine expired and my payments actually went down £100 pm. Though they would not take the extra £100 and reduce the term.
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
All you can do is ask ... if they won't do it then be sure to have a full review of your I&E and ensure your monthly payments to your iva still remain manageable .....
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
