Mortgage offers on an iva?

Katelynneedsadvice

Hi can anyone help me please? Year 2 just completed on our iva:j only another 4 to go , however our mortgage deal with the Halifax has recently come to an end they've automatically swapped us and increased their base rate (as you all know) RESULTING IN THEM WANTING ANOTHER £230 A MONTH???

They say that there are no alternative products available as we are on an IVA and can only do something for us (possibly) when we fall into mortgage arears :mad: we've been told by our financial advisor that no other mortgage company will have us - is this true? does anyone have any good news please?

Thanks :T

Foxy-Stoat_3

Kripes, you must of had a very low fixed rate then...my mortgage is fixed at around 5% and will drop to 3-4% once the 2 year deal is up.

Speak to your IP and see if they can lower the monthly IVA payments to take into account the increased in mortgage payments.

You will find it very hard to find another deal unless you have over 25% equity in your home and have money for the fees etc. You will need to speak to a whole of market broker who has successfully placed someone in the middle of an IVA recently.

Katelynneedsadvice

It was fixed at 3.6 i think so now we r in this fix :-( thanks for your advice - can you recommend any whole of the market brokers at all?

Thanks

Foxy-Stoat_3

No not really, am sure you can find a broker and ask if they are the whole of market and ask them about your iva situation, they should be able to say yes or no pretty quickley...if you have little or no equity then I wouldnt waste your time and stay put...... I thought the broker I went with was a crook what with all the fees n all but I guess it was necessary as i was a first timer just off an IVA. He made me pay an application fee to him...even tho it got added to the mortgage !

After the 2nd year is up I should be able to go to the high street.

Katelynneedsadvice

Thanks will do !! good luck witrh the high st!

debtfree2016

Hi, had a similar problem myself moving from INT only to repayment, go back to your IVA comapny and ask the for a reduction in your replayments to cover this excess. The chance are they will say they can extend your IVA and reduce your repayments after a creditors variation meeting. I said NO to this and they were able to reduce my repayments by 15% which i believe is their cost.

UpToMyNeckInIt

Hi, my Halifax mortgage was reduced by £400 when my fixed rate deal ended and I was put on their SVR, so the OP must have had a staggeringly good deal, given that interest rates are rock-bottom.

Good advice here already, but to those who are struggling: This may sound obvious, but you could consider going 'interest only' if you are not already?

I know of a mortgage broker who helps ex-iva customers, but I think even he would struggle to get a remortgage in the current market for those of us still in one. (Sorry, I believe it would be a breach of forum rules to advertise such details here).

Think we will all have to stick with our existing providers.