Iva and remortgaging with the same lender

[louiseh]

My fixed rate deal ends in year 3 of my IVA ( 5 months in), I have no equity release clause so won't need to increase my mortgage. I was just wondering what the chances of staying with my existing lender were (yorkshire building society). I would have had the mortgage then for 5 years no defaults(hopefully), is it likely they would give me a new fixed rate or would I have to go subprime anyway. Just wondering if this happens at the moment.

[MelanieGiles]

Hi Louise

The best thing that you can do is speak directly to the lender about this as soon as possible, as if you need to switch to a new lender you will need some time for the application to progress. Don't run the risk of leaving things to the last minute before you look, as you may not be able to afford increased mortgage payments when your current fixed rate deal expires.

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

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http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[mikebdomain]

Hi louiseh

We would always recommend that you approach your existing lender first. If they are unable to provide you with a suitable product, then approach an authorised broker, who has sufficient experience.

As Melenie says, do not leave it too late, remortgaging whilst in an IVA can take a long time. I would suggest talking to your lender at least 3 months before your fixed rate is due to end.


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[louiseh]

Thanks for the advice, I'm some way off that situation yet but I will allow myself plenty of time as suggested.