End of mortgage deal while in an IVA

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jing

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Post by jing » Fri Jul 13, 2018 2:35 pm
We recently started on IVA and we are nearing the end of our mortgage deal(fixed term)the bank send us mail regarding this. Do you think we can try getting a new deal? Or will be unlikely to get approved due to IVA?The bank letter states that no new credit or affordability checks if we stay with them.

Or do nothing and m let it be move automatically to Standard Variable Rate(SVR)?
Thank

Foggy

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Post by Foggy » Fri Jul 13, 2018 2:44 pm
Many posters have had new fixed rate deals agreed with current lenders at better than variable rate. As you are staying with your current lender (you will not be able to move to another anyway) they are not taking on any further risk than they have now.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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jing

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Post by jing » Fri Jul 13, 2018 3:17 pm
Thanks Foggy! So you think it is fine for us to go through with the renewal of the mortgage deal? We are a bit worried that the interest will shook up high due to us being on IVA.

Foggy

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Post by Foggy » Fri Jul 13, 2018 3:31 pm
Hopefully a few posters who have actually done it will come along and share their experiences.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

Michelled0422

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Post by Michelled0422 » Sat Jul 14, 2018 8:44 am
I got a new fixed rate mortgage with Halifax when mine expired and my payments actually went down £100 pm. Though they would not take the extra £100 and reduce the term.

jing

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Post by jing » Sat Jul 14, 2018 4:31 pm
Thanks Michelle. will have a go then. Fixed rate is better I think.

kallis3

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Post by kallis3 » Sat Jul 14, 2018 6:13 pm
Fingers crossed!!
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luluj

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Post by luluj » Sun Jul 15, 2018 1:39 pm
All you can do is ask ... if they won't do it then be sure to have a full review of your I&E and ensure your monthly payments to your iva still remain manageable .....
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There is a solution for everyone .... Just need to stay positive !

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