Can I remortgage during an IVA? I have no exit penalty on my existing mortgage.

mulberrydan

I am currently in an IVA, due to finish October 2010 (although I intend to pay it off early). My fixed rate existing mortgage expires in March 2009 and I obviously want to move to the best possible rate, although I know I can just move to my existing lender's variable rate.

To spice it up, I am self employed, do have accounts but will probably need a self cert mortgage. :huh:

Appreciate the help.

jsinghb

I know someone in a similar situation, any advice on this would be greatly appreciated.

MIVAA

Hi Both,

The major determining factor that influences your chances of getting a decent mortgage rate whilst in your IVA is the amount of equity in your home, and of course your recent repayment history with your current provider.

It seems to be the lower the LTV ratio you have on your existing mortgage the better.

Unfortunately rates are really poor at the moment, and as with all sub-prime lending, there seems to be just a few products out there to be considered.

However, there are some, and you would need to approach a specialist lender to see where you stood.

Like you say, if you can't improve your deal, you can always stay put.

Sorry I can't help more.

MIVAA

and306

We remortgaged whilst we were in our iva,we had to get permission from the guy in charge of our iva to do this.We used the money to offer a reduced amount into the iva for early settlement,instead of being in the iva for 5 years we were finished it in for 2yrs 7 months.Hope this is some help to you.

Shoppingcorkie

Hi

We are in our 3rd year of an IVA and currently have our mortgage with Northern Rock and came off of a fixed rate in Sept last year.

We found it really hard trying to find another mortgage whilst being in an IVA as there is equity in the house we wanted to use to pay off IVA.

We did find 1 company offering a fixed rate at 9.5% but did not want to sign up to such a high interest rate, luckily we did not (due to the current low rates) and at the moment we are still on a variable rate with Northern Rock.

Whilst the rates are so good at the moment we want to go back onto a fixed rate but have the problem also that Northern Rock were not offering mortgages to existing customers only new ones!

Does anyone have any recommendations of companies offering mortgages to people in an IVA.

Thanks