www.iva.co.uk

My question is concerning the mortgage on our property we previously had a fixed rate mortgage that has now come to an end we are currently riding along on the base rate of the company when I spoke to the mortgage lended about refixing the rate they said they couldnt help us but wouldnt tell us why dont know if its because of the credit rating which we no longer have. Does anyone know if there are any mortgage lenders that would give us a fixed rate mortgage deal?

Hi
You will find it near impossible to move mortgage providers when in an IVA I'm afraid
Regards

Hi.
I have to say that this is something that is worrying me too. Now, granted my fixed rate is for 2yrs but I am very concerned that when it ends they will no longer offer me another deal because of the IVA. We couldn't move mortgage companies even if we wanted to. It worries me if we have to go onto SVR what we will end up paying per month as it could ultimately be the difference between our IVA succeeding or failing

KT who is your mortgage company?

Hullo! Not being able to re-fix is a common problem among people in ivas and I'm sure your iva contributions will flex around what you can afford when your mortgage repayments rise. Your IP can reduce them by 15% without reference to creditors and they can reduce further with creditor agreement. But rest assured when the time comes creditors will see a lot of people in the same boat xx

Hi
Brokeoflondon makes a good point, if interest rates rise then IVA payments will have to reduce and this will affect many people in IVAs. Creditors will have to assist and accept lower payments.
Most SVRs are lower than many peoples fixed rate deals so you may see a reduction in your mortgage payment [increase in your IVA payment] short term.
Regards