IVA High Rate mortgage. Remortgage
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CarolTeddy
Posts: 3 Newbie
In 8 weeks time my IVA will be removed from my credit record as it’s been 6 years since approval. We completed 4 years ago. We took out a mortgage 7 months ago with Bluestone and have such a high interest rate of 6.9%. There is a fee of over £2000 if we come out of the 5 year fixed rate early but I am wondering if anyone could advise? We owe £96000 and the house value is £140000. We paid a large deposit. Is it worth taking the hit with coming out early and paying the fee to get a mortgage with a regular interest rate as the Iva will be gone? We currently pay £884 per month on the mortgage and if I could get that down I’d be much happier and better off financially.
Thank you so much for reading and any advice will be much appreciated.
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Comments
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I think the mortgage board would be a more suitable place for this.I will move it for you.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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If you are on a 5 year fixed rate that suggests affordability could be a problem.
Have you thought about going back to the broker who got you the bluestone mortgage to see what they can do?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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