www.iva.co.uk

Has anybody in an IVA spoke to their mortgage lender and changed the deal they are currently in?

The reason I am asking is that the fixed rate has finished and is currently on a tracker, which is great, but if I was wanting to fix it now would my currect lender be OK with being in the IVA? They have already lent me the money so I am thinking it should not matter.

Any comments or views would be appreciated.
Thanks

Hi, nice to see you.

I don't think anyone has managed to change their deal. I think you may have to stay as you are but of course your mortgage provider are the ones who can tell you.

My mortgage lender gave me a new fixed rate last year after previous deal ended, was half way through IVA at the time. So it is possible. I didn't even ask, they just sent me a letter as my deal was ending, suggesting options

Thats good to hear louise, we are currently interest only at the request of our IP but if (when) interest rates start to rise we would need to fix!!

We are 13 months into our IVA and our fixed rate mortgage is up June this year - santander have advised us that they will be unable to re-fix our deal due to information they hold about us!!!!!! Have had a mortgage with them over 20 years but they are unwilling to offer any fixed deals and our mortgage will revert to the standard variable rate on 1st June 2011.

Santander are known for doing this. It is annoying when your IVA company don't trust you and you've not missed any payments!

Check the exact wording of any santander mortgage as they dont always switch to a svr. An extract from their site states that after any fixed rate period ends you may revert to the svr or another rate!!