Repayment mortgage and IVA

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rebecca423
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by rebecca423 » Mon May 29, 2017 8:07 am
I am on a repayment mortgage. But have an IVA. I wanted to know if I'm able to get a better deal on my mortgage, or will this be affected by the IVA?
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kallis3
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by kallis3 » Mon May 29, 2017 8:12 am
Hi,

You can try but any savings you make could well be paid across to your IVA.
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Ryan
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by Ryan » Tue May 30, 2017 8:11 am
Hi Rebecca,

We'd be happy to take a look at your situation and let you know your options regarding your mortgage if you were to contact us.

Regards
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Michael Peoples
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by Michael Peoples » Tue May 30, 2017 8:45 am
Your existing lender may be the best option for a new deal and the savings may not need to be declared until the annual review.
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Shaun Vickery
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by Shaun Vickery » Thu Jun 01, 2017 2:15 pm
I'm afraid that if you are in an IVA it is unlikely that you will be able to obtain a better deal on your mortgage unless your current lender is prepared to consider it.
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Foggy
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by Foggy » Sat Jun 03, 2017 4:14 pm
Some lenders have, in the past, allowed current borrowers to transfer products to one which gives a lower repayment, however, some don't. As mentioned, ay savings you make might get added to ongoing IVA payments, but, og course, this loss will only be short term and, if you can switch, long term savinga will out live the IVA. There ahve been intances where IVA'ers have switched products, with current lenders, with good results.
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