Remortgaging & IVA

twelvepack

Hello
My Wife and I are currently 1yr & 5 mths into a 6yr IVA and this month our 2yr fixed rate mortgage is coming to an end .
How do we stand on getting another 2yr fixed rate or any type of mortgage or will i just have to stick with what my mortgage will be after 2yr period ends.
there is very little equity in the house at the moment
Hope this makes sense!!
thanks

Moi_63

You will most likely have to go with the standard rate with your current mortgage supplier.

Just starting the IVA process myself and this is the kind of thing I've been asking

Webby443

twelvepack wrote: »

Hello
My Wife and I are currently 1yr & 5 mths into a 6yr IVA and this month our 2yr fixed rate mortgage is coming to an end .
How do we stand on getting another 2yr fixed rate or any type of mortgage or will i just have to stick with what my mortgage will be after 2yr period ends.
there is very little equity in the house at the moment
Hope this makes sense!!
thanks

Hi, im just starting my 5th of our IVA, and have changed our fixed rate in that time. I believe you are fine to renew with ur existing mortgage provider, but u would struggle to get one anywhere else, due to credit checks. Hope this helps

adfax

Webby443 wrote: »

Hi, im just starting my 5th of our IVA, and have changed our fixed rate in that time. I believe you are fine to renew with ur existing mortgage provider, but u would struggle to get one anywhere else, due to credit checks. Hope this helps

Just being a bit nosey - who is your existing mortgage with? My fixed rate will expire part way through year 4 of my IVA, and whilst at the moment we would be quids in going on the SVR, we may want to try and get another fixed rate deal.

I know last time my fixed rate came to an end all I had to do was phone them, and within a matter of a few minutes I had got a new deal for 5 years ... would be nice if it was the easy again!

Webby443

adfax wrote: »

Just being a bit nosey - who is your existing mortgage with? My fixed rate will expire part way through year 4 of my IVA, and whilst at the moment we would be quids in going on the SVR, we may want to try and get another fixed rate deal.

I know last time my fixed rate came to an end all I had to do was phone them, and within a matter of a few minutes I had got a new deal for 5 years ... would be nice if it was the easy again!

ours is with halifax, payin £600 pm, but declare £700 to IVA, due to interest rate changes etc. so you'd be better off on the SVR

Moi_63

Has there been no mention of this in your IVA reviews? Declaring 700 but paying 600? It does make sense as interest rates do go up and down (and down).

I'm not being pedantic or anything. I'm just not sure what to expect if we go into an IVA at our reviews. I was expecting going over every little thing in the bank statements.

Webby443

Moi_63 wrote: »

Has there been no mention of this in your IVA reviews? Declaring 700 but paying 600? It does make sense as interest rates do go up and down (and down).

I'm not being pedantic or anything. I'm just not sure what to expect if we go into an IVA at our reviews. I was expecting going over every little thing in the bank statements.

I was worried at first like yourself and was only putting on our review what we were paying, but when we got the review back after it was passed, THEY changed our figures from £600 to £700. We also crossed off pet insurance due to our dog passing away, but they put this back on the expenditure sheet. They do allow a bit of flexibility, due to rates going up and down.

Max_1066

I was dreading the mortgage deal coming to an end whilst in an IVA. I called them up and, as mentioned above, they switched it to another offer over the phone.

I strongly suspect that if I went somewhere else for the mortgage they wouldn't consider it. If you're trying to fix it again I'd do it asap.

elmlea_em

Webby443 wrote: »

ours is with halifax, payin £600 pm, but declare £700 to IVA, due to interest rate changes etc. so you'd be better off on the SVR

Hi All

We had the same question as all of you, we are 2 1/2 years into a 5 year IVA our fixed rate deal ends in September.
We have been very worried about how we would manage once this deal ended as out repayments will go from £485 to £585, we could just about manage with the increase.

We had almost decided we would just ride this out, but never to give up hope I have just started to look up what we could possably do in this situation, most searchs come up with an IVA Remortgage much higher interest rates, which is not helpful as higher repayments

Then i find this thread that has covered my question, due to our mortgage being with the Halifax.
I will definatly be giving them a call to see if we can get another fixed rate.

I will update on how we do.