have to renew my mortgage in 18 months

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praisethelord

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Post by praisethelord » Mon Aug 20, 2007 10:32 am
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I would like to get an IVA but have to renew my mortgage in 18months time will I be able to do this?
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MelanieGiles

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Post by MelanieGiles » Mon Aug 20, 2007 11:15 am
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Yes - but you will have to bear in mind that at that time there will be an IVA disclosed on your credit file, so you can expect to be penalised on interest rate as a result. It might be better to consider doing this now, before you enter into the IVA, and perhaps looking at the benefit of a five year fixed rate mortgage. Do you have a redemption penalty on your current mortgage?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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Adam Davies

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Post by Adam Davies » Mon Aug 20, 2007 11:52 am
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Hi
If you can,t remortgage now because of excessive early redemtion fees make sure that if you enter into the IVA now your IP factors in an allowance for increased mortgage payments in 18 months or the ability to remortgage in 18 months.
However try to do as Melanie suggests
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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