need to find a new mortgage

[tony55]

Hi can i talk to someone on the phone my wife and i are in an iva for 3 years my fixed rate mortgage ends 30/03/09 and i need to find a new one at the same paymenta as i am paying now £959
Thank you Tony northcott

[LoneRanger]

One of the experts will best advise but i think it is quite difficult to get a good mortgage deal while you are in an IVA

[David Mond]

Speak to your Supervisor (IP) who might be able to advise you of a friendly mortgage broker - you could also ask your existing lender what they currently offer if your fixed rate was ending today what would be available- otherwise other posters here will suggest good guys/gals to contact. Good luck

[liberta]

Hi Tony

That is not an easy one at the moment I am afraid. Who is your current mortgage with and what is the interest rate?

If you have had the mortgage for a while, you may not find much change in the interest rate when your fixed rate expires and your mortgage goes onto the variable rate as interest rates have come down quite a bit recently.

You may also find that if you speak to your current mortgage company they will offer you a deal. Otherwise you will need to shop around, but it is likely that with any new mortgage you will have to pay a rather large arrangement fee.

A mortgage advisor will be able to help you but I believe that the best deals are to be had by going directly to the mortgage company at the moment.

If you are not able to find a suitable re-mortgage, then you should speak to the Supervisor of your IVA. He or she may be able to go back to your creditors and ask them to accept a reduced payment.

[MelanieGiles]

Hi Tony

Is your current mortgage on a repayment or interest only basis? If repayment, then it may be possible for you to change to interest only, and thus avail of lower repayments.

Also how much is your property worth compared to the amount you owe to the mortgage company? The lower the loan to value you are looking for the more chance you have of getting a better deal, but I am afraid that a lot of lenders are heavily penalising people who are in IVAs at the moment, so trying to get a deal with your existing lender would seem to be the most favourable option.

[Welsh Boy]

Hello Tony

What you ned to do is contact your existing lender probably early December if your rate ends in March. When you do, ask them what is the best available product that they may have to offer to you.

At this stage you will then have a clear picture of what is available via that route. Your next course of action would be to contact a whole of market mortgage broker. They will go through your present position and by asking you questions and along with your permission try and see what else is available via alternative lenders.

You should then have a concise knowledge of what is available, picking up on an earlier comment about "contacting lenders directly for the best deal" I must say in my experience is not always the best course.Hope this helps. Tony

[David Mond]

Welsh Boy - cannot find this comment in any of these posts:

"contacting lenders directly for the best deal"

Have I missed something?

[Welsh Boy]

David

I refer to the 2nd last paragraph of Elizabeth`s post.

Tony

[David Mond]

Got it - but she stated:

"the best deals are to be had by going directly to the mortgage company at the moment"

I was looking for the direct quote - thank you