www.iva.co.uk

Hi

At the moment we're tring to sort out and IVA with Melanie and her team, but have just realised that our current mortgage ends on 1st august, we're currently with northern rock (who are also our main creditors) and we were advised by Tina (from melanie's team) to ask them for a 5 year fixed rate mortgage, hubby called them but they're not doing mortgage reviews and they will only be offering standard variable rate, so probably wouldn't be much good for us.

Does anyone know if we will be able to still get a mortgage with someone else? and can anyone recommend any mortgage companies? We will probably have to go for a subprime/adverse deal as our credit rating is poor. We called London and Country (as they search the whole market for deals and give free advice), but they've yet to get back to us.
Also will we have to tell them that we're hoping to get an IVA?
I'm just starting to panic a bit and won't be able to call Tina for advice till monday.

Thanks for any advice

Cath

Hi Cath

You could try contacting Andrew Graveson or Tony Parsons (welshboy) who both post on this forum. They are Mortgage brokers and may be able to help.

Their details cana be found on the "meet the experts" page.

Cath

I am not a mortgage expert, and cannot identify your case from your forum name until I can check on Monday, but we will have to assume that getting a mortgage with a new lender may be tricky and see if your IVA can sustain the increased mortgage payment within your budget and still give a reasonable return to creditors.

Thanks for your replies

We're hoping to hear back from a mortgage advisor today with a quote, so fingers crossed we can get a decent enough deal.
I just got both me and hubby our credit reports and scorings to check, hubby's is excellent and mine is good, the thing that goes against us is the amount of debt we have.
If the repayments are too high for a 5 year fixed term, we may have to opt for an interest only mortgage for 5 years - does anyone know if this is a problem with an IVA?

Thanks again

Cath

It will not cause any difficulties with an IVA Cath, but a lot of lenders are getting nervous about granting interest only mortgages where there is no tool for repayment running alongside.

Cath - if it helps, we changed to an interest only with NR last month. We had excellent help from Andrew Graveson but with the current climate we couldn't get a better repayment deal. The only viable option for us was to switch to interest only for the duration of our IVA with NR. Great advice from Andrew was to be firm with NR, telling them we'd exhausted other options and couldn't get a deal with any other mortgage company. This worked and NR were realy helpful.

NR knew about the IVA as there's a note on our mortgage account -I believe this is attached to any property involved in an IVA.

The only difference with you maybe that you haven't officially entered an IVA yet so better rates maybe available. Good luck.