Can I renew my mortgage once I am in an IVA

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
User avatar
Posts: 1
by jennifer155 » Thu May 17, 2018 3:05 pm
Myself and husband brought our fist house together in January and have a joint mortgage.
I have had some money issues that have now spiralled and I need to make a drastic change.
Looking at going into an Iva however in 2yrs time our fixed rate mortgage will need looking at.

If I go into an IVA already having a mortgage will I be able to renew it?
User avatar
Forum Expert
Posts: 27952
by Foggy » Thu May 17, 2018 3:14 pm
Many forum members have been able to renew their mortgages, some on more favourable terms, with their lenders. Those that haven't are switched to the current variable rate deals. Unfortunately it is an impossible thing to predict as the mortgage market is changing all the time and lenders also change internal policies all the time too !
User avatar
Industry Expert
Posts: 983
by Ryan » Thu May 17, 2018 3:27 pm
Hi Jennifer,

As Foggy says some Lenders will allow you to swap to a new rate but changing Lenders wouldn't be possible whilst you are in the IVA.

User avatar
Shaun Vickery
Industry Expert
Posts: 751
by Shaun Vickery » Thu May 17, 2018 4:59 pm
I agree with both Foggy and Ryan, and even if changing lenders were possible, the rate would undoubtedly be less competitive.
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 25 guests