www.iva.co.uk

I have 3 more iva payments to go. Now im starting to think about my mortgage. I owe 145,000 on a 135,000 property with northern rock -interest only. Am looking for a mortgage provider that may be able to help me switch to a repayment mortgage at a reasonable rate even though i have negative equity. Any advice would be appreciated.
Danny.

Hi Danny and welcome

Is your current mortgage with NRAM a Together mortgage, secured with an unsecured element ?

Regards

Well done for reaching the end of your journey .... Soon to be debt free !
Your iva will remain on your credit file until the sixth anniversary of the start date of your iva. Whilst this remains on your credit file its unlikely a new mortgage will be available, however have a chat to Ryan or Shaun the forum mortgage brokers ...their contact details are on the left under ask the experts a question.

It may be worth checking if you can make extra payments to your existing mortgage as a way of reducing it. With IVA on record and a negative equity - its highly unlikely you find another provided

If a remortgage isn't possible, then extra payments is a good way of reducing the mortgage terms too ... We recently looked at this and by adding a couple of hundred a month it would knock off a year or two in the long run....

Hi Danny. Well done on reaching the home straight as far as your IVA is concerned. I'm afraid to say that a new lender is unlikely to consider an application whilst you remain in negative equity with a recent IVA in the background. You could look at making overpayments if you are able to, as already suggested but certainly check on Andy's point. If the mortgage contained an unsecured element then this should normally have been included in your IVA.