Mortgage Fixed Rates

[sazzysue]

Has anybody in an IVA spoke to their mortgage lender and changed the deal they are currently in?

The reason I am asking is that the fixed rate has finished and is currently on a tracker, which is great, but if I was wanting to fix it now would my currect lender be OK with being in the IVA? They have already lent me the money so I am thinking it should not matter.

Any comments or views would be appreciated.
Thanks

[kallis3]

Hi, nice to see you.

I don't think anyone has managed to change their deal. I think you may have to stay as you are but of course your mortgage provider are the ones who can tell you.

[louiseh]

My mortgage lender gave me a new fixed rate last year after previous deal ended, was half way through IVA at the time. So it is possible. I didn't even ask, they just sent me a letter as my deal was ending, suggesting options

[briggadeen]

Thats good to hear louise, we are currently interest only at the request of our IP but if (when) interest rates start to rise we would need to fix!!

[AlfieMoon]

We are 13 months into our IVA and our fixed rate mortgage is up June this year - santander have advised us that they will be unable to re-fix our deal due to information they hold about us!!!!!! Have had a mortgage with them over 20 years but they are unwilling to offer any fixed deals and our mortgage will revert to the standard variable rate on 1st June 2011.

[kallis3]

Santander are known for doing this. It is annoying when your IVA company don't trust you and you've not missed any payments!

[plasticdaft]

Check the exact wording of any santander mortgage as they dont always switch to a svr. An extract from their site states that after any fixed rate period ends you may revert to the svr or another rate!!