Re mortgage at the end of fixed rate.

[hara]

I have entered IVA recently,but my beneficial interest rate will end in march.

Then it will go to standard variable rate.

Does any one think that I will be allowed to remortgage for a similar amount of barrowing that I have at present so that I shall be paying same mortgage as I am paying at present.

I have briefly mentioned it to my IP representative, briefly and am thinking of writing in a month or two to seek permission .

Has any one any views and recommend a mortgage advicer.

Hara.

[MelanieGiles]

Unlikely - given the way interest rates are increasing and the fact that you are in an IVA.

What interest rate are you paying at the moment, and it is a shame that this was not considered by your IP prior to the proposal being presented - perhaps staggering the payments downwards to take account of the rise in payments

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

[hara]

I am not going to barrow extra,but the same amount as I have at present. so that my mortgage payment does not increase than what I am paying at present.

Why should it be a problem?

Hara.

[hara]

What do you mean by staggering payments downwards?

hara.

[Adam Davies]

Hi
Melanie makes a good point in that the end of your fixed/discounted rate should have been factored into your IVA by way of reduced payments when your mortgage goes up.
However you will need to see if your existing lender can offer you another fixed rate,on similar trms as this would be the most cost effective way of remortgaging.
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

[MelanieGiles]

Your mortgage payments will increase because interest rates have increased since you took your mortgage out and you are now in an IVA where your credit rating will be impaired. Therefore you are deemed to be of higher risk, and can expect to pay a higher rate of interest to take this into account.

Staggering payments downwards means taking a view when the IVA is being proposed as to any areas of expenditure which are likely to increase. People in fixed rate mortgages, who are faced with reverting to the lender's variable rate at some stage during the IVA can expect to be hit with higher payments.

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

[hara]

Is there any thing that can be done,It did not occur to me at the time of proposal. I recently mentioned it to of my contacts,but did not seek a firm permission.

My Ipis Grant Thornton I am surprised that they did not think of it.

Thanks Mr.Davie for suggesting I approach My existing provider.Do I have to declare that i am in IVA.

Hara.

[Adam Davies]

Hi
The question will be on the application form that you will have to fill in so you may as well tell them when you first contact them.
Ps I love the way you always call me Mr Davie..........makes me feel important,think I,ll see if I can get my wife to address me in the same way.
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

[gavin]

i i going for a iva. My mortgage discounted rate gos up as wall i phoned them to day and they can do a fix discounted rate of 6.39 for 2 years i not remortgage i just tieing my salf in again

I have entered IVA recently,but my beneficial interest rate will end in march.

Then it will go to standard variable rate.

Does any one think that I will be allowed to remortgage for a similar amount of barrowing that I have at present so that I shall be paying same mortgage as I am paying at present.

I have briefly mentioned it to my IP representative, briefly and am thinking of writing in a month or two to seek permission .

Has any one any views and recommend a mortgage advicer.

Hara.

[Oliver]

Ask your lender for customer retention rates through a deed of variation and you should be offered a range of options other than the standard variable rate.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[caknight]

We done it this year and got the same rate, without any questions or hassle. It went through as a normal mortgage

[mikebdomain]

Most mortgage brokers will advise you to approach your existing lender first - some will offer a product switch with minimum or no fees to retain your custom, especially if you have no missed payments on your mortgage.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Andrew Graveson]

Good advice from Mike.

Best to start work on this about three months before the rate increases as a remortgage can take some time in the current climate.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk