[jennifer155]

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?

[Foggy]

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 !

[Ryan]

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.

Regards

[Shaun Vickery]

I agree with both Foggy and Ryan, and even if changing lenders were possible, the rate would undoubtedly be less competitive.