Get expert opinion. This is the place for new questions to be posted.
-
KT
- Posts: 8
- Joined: Fri Mar 12, 2010 5:12 am
Post
by
KT » Tue Mar 22, 2011 10:41 am
My question is concerning the mortgage on our property we previously had a fixed rate mortgage that has now come to an end we are currently riding along on the base rate of the company when I spoke to the mortgage lended about refixing the rate they said they couldnt help us but wouldnt tell us why dont know if its because of the credit rating which we no longer have. Does anyone know if there are any mortgage lenders that would give us a fixed rate mortgage deal?
-
Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
You will find it near impossible to move mortgage providers when in an IVA I'm afraid
Regards
Andam Davies
-
Judo
- Posts: 1004
- Joined: Tue Mar 15, 2011 7:17 pm
- Location: United Kingdom
Post
by
Judo » Tue Mar 22, 2011 11:34 am
Hi.
I have to say that this is something that is worrying me too. Now, granted my fixed rate is for 2yrs but I am very concerned that when it ends they will no longer offer me another deal because of the IVA. We couldn't move mortgage companies even if we wanted to. It worries me if we have to go onto SVR what we will end up paying per month as it could ultimately be the difference between our IVA succeeding or failing
-
D&G
- Posts: 167
- Joined: Fri Jan 15, 2010 11:23 am
- Location:
Post
by
D&G » Tue Mar 22, 2011 11:43 am
KT who is your mortgage company?
IVA Complete
-
Broke of London
- Posts: 7761
- Joined: Sun Sep 05, 2010 6:04 pm
- Location: United Kingdom
Hullo! Not being able to re-fix is a common problem among people in ivas and I'm sure your iva contributions will flex around what you can afford when your mortgage repayments rise. Your IP can reduce them by 15% without reference to creditors and they can reduce further with creditor agreement. But rest assured when the time comes creditors will see a lot of people in the same boat xx
-
Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
Brokeoflondon makes a good point, if interest rates rise then IVA payments will have to reduce and this will affect many people in IVAs. Creditors will have to assist and accept lower payments.
Most SVRs are lower than many peoples fixed rate deals so you may see a reduction in your mortgage payment [increase in your IVA payment] short term.
Regards
Andam Davies
