End of mortgage deal while in an IVA

Get expert opinion. This is the place for new questions to be posted.
8 posts Page 1 of 1
User avatar
jing
Posts: 5
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
User avatar
Foggy
Forum Expert
Posts: 26891
Contact
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.
User avatar
jing
Posts: 5
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.
User avatar
Foggy
Forum Expert
Posts: 26891
Contact
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.
User avatar
Michelled0422
Posts: 102
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.
User avatar
jing
Posts: 5
by jing » Sat Jul 14, 2018 4:31 pm
Thanks Michelle. will have a go then. Fixed rate is better I think.
User avatar
kallis3
Forum Expert
Posts: 73479
Contact
by kallis3 » Sat Jul 14, 2018 6:13 pm
Fingers crossed!!
User avatar
luluj
Forum Expert
Posts: 10218
Contact
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 .....
8 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Bing [Bot] and 17 guests