Mortgage question

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jess314

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Post by jess314 » Wed Sep 02, 2020 9:06 pm
If I go ahead with the IVA, I will be three years into my IVA when my fixed rate on my mortgage would have finished. My partner who is also named on the mortgage does not have any debt / IVA. Has anyone gone through this and could you tell me if you got screwed over on the rate of the mortgage?

luluj

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Post by luluj » Thu Sep 03, 2020 5:48 am
As you are financially linked with mortgage your partner will also be impacted.

It will be down to your current mortgage lender, who should already know about the iva, as to whether they will permit a new fixed rate.

You could take advice from our forum expert mortgage brokers Ryan and / or Shaun who maybe able to offer further more specific advice for you.
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Ryan

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Post by Ryan » Thu Sep 03, 2020 8:00 am
jess314 you really need to speak to a mortgage adviser before you commit to the IVA, as it will have a real impact on you, your partner and the mortgage. There are things that can be done, but you must get the right advice now.
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Shaun Vickery

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Post by Shaun Vickery » Thu Sep 03, 2020 12:49 pm
This whole scenario is a little hit and miss I'm afraid....some people are able to re-negotiate a new fixed rate with no fuss but others seem to have had a difference experience with their lender not allowing them onto a new product due to the IVA. The only compensating factor is that a higher or lower mortgage commitment will affect your expenditure and therefore arguably your IVA contribution should be adjusted accordingly.
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jess314

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Post by jess314 » Thu Sep 03, 2020 3:11 pm
Hi Ryan,

Can you ring me ASAP Please to tell me what things I can do.

Regards

kallis3

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Post by kallis3 » Thu Sep 03, 2020 5:19 pm
You need to get in touch with him. Normal phone numbers can't be posted on here.
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jess314

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Post by jess314 » Sat Sep 05, 2020 11:23 am
Thank you for the fast responses everyone. In particular I want to thank Ryan. You rang me straight away when I asked. You gave brilliant advice and helped me put my mind at rest. I would definitely recommend you in the future and will definitely be coming back to you if I occur any mortgage issues or need any help in the future.

Thank you.
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