www.iva.co.uk

Im on an iva which was approved last month.
will i be able to remortgage when me fixed rate ends next june?Otherwise my payments are going to go up loads.Money, debt and credit advisor said i wouldnt have a problem, however after ready on here i think that may be wrong??

Hi grams,

Congratulations on having your IVA approved last Month. Sorry cannot answer your Question but an Expert will be along soon to help you.

xx

Does you iva payment reflect the fact that in 9 months your mortgage will go up?? I mean is your iva contribution due to go down when you fixed rate ends??
Anyone who says you wont have a problem getting a new fixed rate is talking balls,you can still find a deal but it will be with a sub prime lender so dont expect a great rate,in fact you may find you are better off staying with your current mortgage provider.
Do you have equity to release during your IVA period??

I agree with plasticdaft. No way can they say that you can remortgage without a problem. You might not be able to get one at all, but that is something you will have to look into.

You definitly need to clear with MDC what will happen to your payments once your fixed rate ends.

Congrats on the IVA by the way.

Hi
What is your loan to house value at the moment ?
Regards

I would be very concerned if I were advising a new client at the moment who had a fixed rate mortgage due to conclude within the first year of an IVA.

Why not ask your IP how they expect you to fund an increase in mortgage payments, and why this was not discussed with you at the time your IVA was proposed - when it would have been sensible to stagger your IVA payments downwards to accomodate the increase.

You will find it pretty difficult to remortgage to the same interest rate in an IVA, regardless of the loan to value ratio.

I was told not to try move it before iva went through as i would have a problem remortgaging.I owe 103000 and house is worth approx 110-112.

Who was it that acutally gave you that advice? Hopefully a qualified financial advisor and not your IP?

The advisor at money,debt and credit.I was under the impression they knew what they were talking about.....

i have register twice by accident im also grams

Don't worry about that. Just use one of your names. You can always ask Admin to delete the other or just don't use it at all.

Would the advice be to remortgage prior to entering your iva not make more sense because many of us have great credit scores up until we start defaulting all over the place when setting up ivas/trust deeds,and would therefore get a better deal. Remortgaging during your iva will surely cost you more in the long run due to getting a lesser deal.

im about to go into an iva - hopefully, and i am one of the unfortunate ones with a fixed rate mortgage running out on 1st Dec this year - Boo Hoo, only 2 payments away.

anyway. i have a huge mortgage (£305k) and the rate is going to standard variable rate with Northern Rock (every single bad idea in the book here eh?) anyway, the payments are due to go up by about £600 (yup, £600) per month.
However, my IP has advised me to talk to Northern Rock and seek the oppportunity to switch to an interest only deal. Northern Rock have agreed, which i know isnt great in the long run, but it means that if rquired to assist my iva application, i could drop my payments to £200 LESS than they currently are.

I know i am not clearing my mortgage debt, but it should enable me to stay in what is a great house, and in a few years time, im back on the road to something like good times.

not sure if this helps anyone out there - there are options, and maybe they might help during the term of the iva

I hope the advisor who suggested that "remortgaging during an IVA will not be a problem" was properly qualified or they may have committed an offence. They cannot provide mortgage advice without being properly qualified and regulated.

The advice is awful in my opinion which suggests the advisor is not qualified.

Unfortunately remortgaging during an IVA is currently a BIG problem.

This is the worse time to get a remor' rate unless you have EQ in your property and a decent credit history....choice is vanishing and constricting.

The interest only mortgage is a breathing space but it is like a never ending DMP or creditcard payment. I don't recomend anyone staying on it unless it is a small mortgage. I rather downsize and pay off part of the the mortgage. Houses aren't pension pots or cash machinese for withdrawers. Really, bricks and mortar are now a lumbering lability, they will get so cheap there is no rush to buy.