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  • FIRST POST
    • nrishiraj
    • By nrishiraj 4th Oct 17, 8:16 AM
    • 216Posts
    • 25Thanks
    nrishiraj
    IVA and renewal mortgage
    • #1
    • 4th Oct 17, 8:16 AM
    IVA and renewal mortgage 4th Oct 17 at 8:16 AM
    I'm currently in a fixed term 5 year mortgate which will end in 2019. Cut a long story short, I may have to go via an IVA route as I've got over 20k+ of credit card debts.

    Question...will it be difficult for me when it comes to renewal? Can the lender reject me? Bare in mind that I've never missed a repayment for my mortgate.

    Thanks
Page 1
    • adyj73
    • By adyj73 11th Oct 17, 11:15 AM
    • 164 Posts
    • 51 Thanks
    adyj73
    • #2
    • 11th Oct 17, 11:15 AM
    • #2
    • 11th Oct 17, 11:15 AM
    Unfortunately if you are in an IVA you will have it on your credit score so whilst you will revert to the mortgage lenders standard variable rate an application for a new fixed rate is a new credit application so would likely flag as computer says no. I had this issue myself. I did appeal and was accepted by a human once I outlined all the reasons but I was at the end of my IVA and I'm not sure they would be so friendly if you were at the start of the journey. If you have no defaults currently could you not switch before you took the IVA step?

    I'm no expert so am sure more folks will be along shortly to give better advice over and above my own experience
    • nrishiraj
    • By nrishiraj 15th Oct 17, 9:48 AM
    • 216 Posts
    • 25 Thanks
    nrishiraj
    • #3
    • 15th Oct 17, 9:48 AM
    • #3
    • 15th Oct 17, 9:48 AM
    Can I speak to my lender (Halifax) and see if they can switch me to a lower fixed rate for another 5 years (I'm currently replaying 5.99%) before I enter IVA? Will they be a charge for this?
    • adyj73
    • By adyj73 18th Oct 17, 2:54 PM
    • 164 Posts
    • 51 Thanks
    adyj73
    • #4
    • 18th Oct 17, 2:54 PM
    • #4
    • 18th Oct 17, 2:54 PM
    You would need to discuss that with the Halifax. Some charge some don't depending very much on the products they have on offer at any one time
    • nrishiraj
    • By nrishiraj 18th Oct 17, 2:56 PM
    • 216 Posts
    • 25 Thanks
    nrishiraj
    • #5
    • 18th Oct 17, 2:56 PM
    • #5
    • 18th Oct 17, 2:56 PM
    You would need to discuss that with the Halifax. Some charge some don't depending very much on the products they have on offer at any one time
    Originally posted by adyj73
    I called Halifax and they told me there will be a penalty fee to opt out of my current term costing 2k !
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