Looking into an IVA at the moment and currently have a mortgage with Virgin Money, does anyone know what the IVA will do to my mortgage as i know they dont give mortgages to people who have had IVAs.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Fri Aug 02, 2019 10:05 pmkallis3 wrote:
If you already have a mortgage you should be ok.
that's what i thought, or hoping, any idea what effect it will have when my fixed term ends? also is it worth ringing them to ask or would alarm bells start ringing at their end?
Most mortgages are ok as the payment is allocated within your IVA budget so as long as you keep up the mortgage payment it should be ok.
We had our mortgage (not eith Virgin) the whole iva term and never had any issues from them.
That being said you may not be able to get another ‘deal’ when the fixed rate part ends so will go onto the standard rate which may affect what you pay but that can be altered with the iva at the time of a review (i think)
Not an expert just what I think will happen from experience on here.
We didnt inform our mortgage company as we werent in arrears with them and just carried on paying the mortgage each month.
Your mortgage company will be informed by your IP but you should be ok.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There is a big difference entering an IVA with an existing mortgage and applying for a mortgage once in an IVA. Maybe half the people in IVA's have existing mortgages and all is well as long as they maintain payments. As mentioned, it may be difficult to switch lenders or get a new fixed rate deal but most seem happy to stay with current providers and if necessary switch to standard rate.
