Mortgages & IVA

Tiggerlover

Please help, we have 12 months remaining on an IVA. Can we swap our mortgage to a better rate, or are we tied into our existing lender forever more?

Thank you.

kingstreet

Time and deposit/equity are your friends here.

Once the IVA has ended, the further in the past it is, or the more equity/deposit you have, the quicker you will be able to remortgage or look for a new mortgage with a new lender if you want to move.

Actually in the IVA, you are not going to get another mortgage, so it's customer retention products from existing lender only.

Tiggerlover

Thanks so much for your advice x

linrog

Tiggerlover wrote: »

Please help, we have 12 months remaining on an IVA. Can we swap our mortgage to a better rate, or are we tied into our existing lender forever more?

Thank you.

hi sorry for jumping on your thread but have not a clue how to post my own question is when equity release clause is due in iva and u cannot remortgage how do they calculate the equity you may have but cant get hold of ie in our case 40 k and paying 160 into monthly iva would payments increase with added 12 months payments if all you can afford is the 160 thankyou