Mortgage rates and IVA

moneymuddles

Hi,
I have been in my IVA for over a year with no problems. My mortgage deal expires in March and I am looking at options. My current mortgage lender have offered us to fix for 3yrs (4.29%) or 5 yrs (4.59%) or to go onto the standard variable mortgage. We are currently on a fixed 5.89% deal so any of these will be a saving of a minimum of £90.
My question is; is it ok o take a 5yr deal as I am in a 5yr IVA and need to look at remortgage options in year 4 (which is 3yrs from now)?
I do want to refix as I like to know I can afford the payments at present and the predictibility helps me budget too.

moneymuddles

Thanks in advance for any advice!

Foxy-Stoat_3

I would read your contract before signing up for a deal that will charge you penalties if you were to re-mortgage in year 4/5, assuming you have enough equity and your mortgage provider allows you to equity release.

If you have doubts, I would speak to your IP and email them back to confirm any advice given.

FiatFan_2

Similarly to Foxy, I'd speak to your IP as to change deal would mean signing a new credit agreement and if there was a saving to be had they'd possibly do a new I&E to see if you could afford more to the iva