fixed rate mortgage finishing soon

[coupleplus1]

We are currently in a fixed rate mortgage which finishes soon, a couple of questions if any one can help:

will we be able to arrange another fixed rate with the wonderful Northern Rock or should we contact one of the mortgage people from here. Would NR to a credit check on us to find we are in an IVA and not help us. We really want another fixed rate for 5 years so we know what our payments will be through our IVA.

Thanks to anyone that can help

[Adam Davies]

Hi
I would always suggest contacting your existing mortgage provider first and be careful about fixing for another five years as you will have to remortgage in the final year of your IVA and don't want to have to pay early redemption fees
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[coupleplus1]

thanks Andy, forgot about the redemption fees in a fixed rate! Will try them first and hopefully they will be helpful

[MelanieGiles]

Northern Rock are actually very supportive about offering ongoing products to existing customers in IVA's, so they are definately worth a call.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[mikebdomain]

It is always a good idea to talk to your existing lender first as lenders are obliged to offer support to anyone coming out of a fixed rate product under the new banking code and at the request of the goverment.

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LEYBRIDGE LIMITED
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[coupleplus1]

thanks all, I spoke to NR today and the lady was really nice. It all has to go to the underwriters because of obviously the IVA and we won't here about that till Monday, so fingers crossed.

I checked with Clearstart that everything I was doing was ok and they were a bit funny at first because the extra mortgage we will have to pay, because of the increased interest rates is being covered by a reduction in childcare costs (will soon be getting part government funding as our daughter will be 3) and they said they should have known about this. I did explain though that I did tell the original person putting together all the paperwork.

In the end they seem more concerned that we would be able to keep up our original agreed amounts and told us to keep aside any extra money that is not spent on childcare as this may have to be paid towards the IVA at the first year review and to clarify everything in writing when all amounts have been agreed.

So another couple of days of me getting worked up again - I'm a born worrier, and then hopeful I will be able to relax with that end of the month payday bottle of wine!

[MelanieGiles]

Perhaps Clearstart ought to have been more aware of the fact that you entered into an IVA with a fixed rate mortgage, and wondered themselves at the outset what impact this might have on your payments part way through?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[coupleplus1]

That would have been sensible, but aslong as things get sorted out and the IVA doesn't fail then I'm happy.