Coming to the End of Fixed Mortgage deal within an IVA

Val43

I am due to finish my fixed rate mortgage on 31st Oct 2011, but I am in an IVA which is not due to finish until March 2014, where can I find another mortgage deal that will not cost me the earth in fees or should i just stay with my current mortgage on there SVR? I am asuming that I will not be able to remortgage as my LRV will not meet any requirements.:eek:

FoggyBrain_2

Hi.. I am afraid you are stuck with your current lender on SVR --- no-one will take you on with the IVA.

johnny1boy

You should not have any problem if you continue with your existing lender - when your fixed rate deal ends ask them what cheap rate deals they are currently offering to existing customers. My IVA started June 2007, I had a cheap rate mortgage at the time. When this ended in 2008, I phoned my lender and agreed a further cheap rate mortgage for 2 years. When this one ended in 2010 they actually wrote to me offering a further 2 year deal. I think the situation is that if you stay with your existing lender they do not run a credit check if you are only changing your mortgage deal (rather than borrowing more money) so they do not know you are in an IVA.

FoggyBrain_2

You were lucky Johhny. Most IP's do inform the lenders as well as placing a restriction on sale on the deeds at Land Registry. Always worth a try though -- others might be lucky too.