Mortgage deal ending

[icap9912]

Hi
I currently have a fixed rate mortgage deal with the Halifax, this will end in June this year, reading some older posts i see that people with an IVA will go straight onto the standard variable rate with no option of fixing a deal.
Just wondering if anyone else is with the halifax and has gone through this during their IVA?
If i go onto the SVR then i will pay less but surely if i offer to pay what im paying now (more), they may fix my payments??
Thanks
Cap

[kallis3]

Hi,

Not sure if anyone has done a new deal with Halifax but it won't hurt to ask.

You will pay less if you go onto SVR but your IP company may not like you trying to refix at the same rate as they will be expecting some of the savings to go across to your IVA.

I could be wrong though so hopefully one of the experts can come along and comment.

[plasticdaft]

I suppose unless its written into your proposal that you will or wont fix your mortgage or go onto interest only,then if you can get a fixed rate it maybe worth doing.

Having said that we have been hanging on in the tsb svr of 2.5% since last june. I am hoping we can make overpayments for a while before the rate goes up,its not like I can get better anywhere else.

It wont hurt to ask the halifax but make sure you clear anything with your IP as well.

Paul

[icap9912]

Im just worried in the future if the interest rates rocket! at least if i can fix a rate i know what im paying each month.
Ill let everyone know what happens in June.
Cap

[kallis3]

I think a lot of us will be in the position of struggling with our IVAs when the interest rates start to rise again.

It will be a case of having to ask for the payments to be varied downwards again.