I'm thinking about applying for an IVA but don't know how it would affect my mortgage. I've never missed a payment but my fixed term matures next May. Will having an IVA prevent me from remortgaging to get a better interest rate?
Hi - who is your mortgage with? You maybe able to get a good deal with your current provider.
When you approach a company to discuss an IVA make sure you tell them about your fixed rate coming to an end. The potential increase in mortgage payments should be factored into any repayment plan.
Can anyone recommend an IVA company as I'm completely new to this and I'm at a loss where to start!! There are so many companies out there it's hard to know the good from the bad! Any help or suggestions would be really appreciated and may make it seem a wee bit less daunting!
Have a look on www.iva.com and read a few reviews of different companies, or contact the experts who post on here - they are highly recommended and reputable and you can find their details in the experts section at the side of the page.
try looking at iva.com....but to be honest you won't go far wrong if you contact melanie Giles or David Mond. They both post on here and plenty of other posters will vouch for them.
It can be daunting and I wish I'd found this site before chosing an IP.
Thank you for the references guys - but if the main concern here is to sort out an affordable mortgage payment, what options does your current lender offer?
Hi thanks for all your advice! I'm not too worried about my mortgage at the moment as it's the one think I make sure is paid every month! My concern is what effect an IVA will have on my mortgage once it comes up for renewal i.e. will I be able to renew or will I have to let it become a standard variable rate?
i posted earlier about mortgage as i am concerned about it even my current lender said if im in an iva then to get a remortgage at mo is nearly impossible.
Presumably you mortgage doesn't end when your fixed term payments end - you simply drop onto your existing lenders SVR (standard variable rate). You are not re-mortgaging or seeking a new mortgage, just carrying on with your present one at a different rate. Currently banks SVRs are around 4.5%-4.9%. I bet that's not much different than your current fixed rate.
Nursecrippin, the Chelsea B/S are supposed to look at IVA (current or completed with sympathy) I think it was Michael Peoples who confirmed that but they are supposed to want the ins and outs of what gave rise to the IVA. It may be worth a shot. J
It would also be worth talking to Tony Parsons who posts as Welshboy on here. He is an excellent mortgage broker and his details can be found in the experts section at the side of the page.
