I’m absolutely terrified I’m going to loose my home

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trina480
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by trina480 » Thu Feb 01, 2018 3:30 pm
Hi,

I am in my second test of my IVA. I have a mortgage and my fixed rate is up in July this year. I understand it is unlikely that my mortgage company will fix me in again and the chances of getting another mortgage with someone else is very slim so I will go onto a variable rate from July. My worry is is that I’ve heard that mortgage lenders can pull the plug on their agreement with you and force you to sell your house go get their money back. I’m absolutely terrified I’m going to loose my home. I have never missed a mortgage payment and have been with my current provider for 7 years. In your experience has this happened to people who have an IVA?

Thank you
Trina
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Foggy
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by Foggy » Thu Feb 01, 2018 4:33 pm
trina480 wrote:
Hi,

I am in my second test of my IVA. I have a mortgage and my fixed rate is up in July this year. I understand it is unlikely that my mortgage company will fix me in again and the chances of getting another mortgage with someone else is very slim so I will go onto a variable rate from July. My worry is is that I’ve heard that mortgage lenders can pull the plug on their agreement with you and force you to sell your house go get their money back. I’m absolutely terrified I’m going to loose my home. I have never missed a mortgage payment and have been with my current provider for 7 years. In your experience has this happened to people who have an IVA?

Thank you
Trina


I have not heard of anyone having "the plug pulled" just for being in an IVA and I have heard of some being able to get a new fixed deal while in the IVA -- after all the risk isn't being changed.
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kallis3
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by kallis3 » Thu Feb 01, 2018 5:09 pm
Me neither - you will just go onto variable rate..Your company will already know about your IVA.
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Shaun Vickery
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by Shaun Vickery » Thu Feb 01, 2018 5:26 pm
I have never heard of anyone being repossessed by their mortgage company simply for being in an IVA either....and I would be amazed if a court were prepared to sanction a repossession order either (assuming that you are meeting the repayments). Have you actually asked your lender for a rate switch? Some will do it without running a new search or asking any further questions.
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