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IVA and renewal mortgage

nrishiraj
nrishiraj Posts: 237 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Debt-free wannabe
I'm currently in a fixed term 5 year mortgate which will end in 2019. Cut a long story short, I may have to go via an IVA route as I've got over 20k+ of credit card debts.

Question...will it be difficult for me when it comes to renewal? Can the lender reject me? Bare in mind that I've never missed a repayment for my mortgage.

Thanks

Comments

  • StopIt
    StopIt Posts: 1,470 Forumite
    You may not get a good fixed rate, but should just fall back to the SVR, it does depend on the lender though.


    You shouldn't lose the mortgage however.


    Speak to the mortgage provider, they'll tell you what to expect.

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
  • EssexHebridean
    EssexHebridean Posts: 25,907 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You've got over a year to tackle the debt ahead of the mortgage fix ending so I'd suggest your first port of call is to put together your SOA (Statement of Affairs) and post it in here - we can have a look and see if there is any savings you can make that may save you from the IVA route?
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
    Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
    £100k barrier broken 1/4/25
    Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
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