www.iva.co.uk

need to re-mortgage in a few years time. Will I be able to do so with an IVA.

Hi there and welcome to the forum

It may be possible, but no-one knows what will happen within the mortgage industry over the next few years. At present the maximum loan to value available to anyone in an IVA is around 75%.

The crucial thing will probably be the loan to value ratio if we were to use the current lending criteria.

As Melanie says nobody knows what the marketplace will be like in a couple of years, but if we use current lending criteria then the answer wuold be yes you can apply for mortgage funding with an iva on your credit file. Obviously there would be other points to be met i.e. affordability amongst others, you would have to meet the lenders lending criteria. Tony

My current fix rate deal will end in 2.5 years, would it be possible to find new deals easily with an IVA?

I am 3 years into a mortgage and 6 months into an IVA.

New deals will be dependant on LTV. Nothing is easy to do while in an IVA but equally its not impossible either.

Do you have to release equity in the 4th year,you may find that its easier to wait until then to remortgage?

Hi
You can take another fixed deal if your existing provider offered it or just drop into their variable rate.
You would find it difficult to move to another mortgage company because of your IVA
Regards

What I mean is you would have to watch and not tie yourself into a fixed rate for a few years if you were to need to remortgage a further year down the line as you would may have penalties to pay.

My fixed rate ends in feb. I realise my payments will be less if the interest rates stay the same but do i notify my ip straight away or will the saving be mine until my annual review? also does anyone know if it is sraightforward when you stay with the same company or can they refuse the mortgage

If you are just moving onto the current lenders SVR then they cannot just rip up your mortgage deal.

Let your IP know right away or put the savings aside if you can and then come review time you will have the money to pay over or a little lump sum saved up!!!

Paul

Let your IP know if your mortgage goes down - it's then up to them if they want any of the extra money, ours didn't.

I agree with the other posters. I prefer my clients to tell me as soon as the saving (or increase) is known, and we can then work out together how best it is dealt with. If the reduction is significant, it is only fair that you increase your IVA payments by the corresponding saving.