I'm in an IVA and need to re-mortgage

MrMunchie

I'm currently just coming up to a year on my IVA and got a letter saying my mortgage agreement is coming to an end do I
1, Lend more on my mortgage to clear my IVA if I can
2, Stay with my current provider
3, search for a new provider

milliemonster

You will not be able to borrow more on your mortgage unless you could release enough to clear your entire debts (not just what was agreed to be paid back on your iva) as the creditors will be entitled to a proportion of your equity anyway as part of the iva.

You will have no choice but to stay with your current mortgage provider as no one else will touch you for a new mortgage while you have an iva on your credit file, sorry.

Your best bet is to speak to your mortgage provider and ask if they have any new deals you would be able to take to fix your mortgage for the next few years.

cheesedoffwithdebt

If your lender will allow I would definitely borrow enough to clear the IVA - but having said that I am not sure how this would be viewed.

Could you contact your IP? How much equity is in your house and what was your original debt at the start of the IVA? I don't know how this is usually treated but it seems to me those are the questions that need an answer to see what the best answer might be.

UpToMyNeckInIt

...personally, I have just gone onto the SVR (about £400 pcm cheaper than my previous fixed rate deal).

It may be that your existing lender can cut you another deal if that's what you want - possibly without a further credit check (assuming you are not trying to release equity).

You are extremely unlikely to be able to switch provider though.