IVA & Renewing Mortgage Deal

[moneymuddles]

Hi,
I have been in my IVA for over a year with no problems. My mortgage deal expires in March and I am looking at options. My current mortgage lender have offered us to fix for 3yrs (4.29%) or 5 yrs (4.59%) or to go onto the standard variable mortgage. We are currently on a fixed 5.89% deal so any of these will be a saving of a minimum of £90.
My question is; is it ok o take a 5yr deal as I am in a 5yr IVA and need to look at remortgage options in year 4 (which is 3yrs from now)?
I do want to refix as I like to know I can afford the payments at present and the predictibility helps me budget too.
Thanks

[Niobe]

Hi and welcome

There should be no problem in renewing your deal. Just let your IP know if you are making any savings as you may need to pay this across to your IVA.

You're unlikely to be able to remortgage when the time comes unless the current economic situation alters.

[Shining]

Hi good news you've been offered something when your current deal expires. Have a chat with your IP but I'd guess there won't be a problem. Depending on the mortgage market and especially if it stands as it does now as Niobe says it can be very tricky if not impossible to remortgage. x

[Gemma Burton]

Hi moneymuddles. That's brilliant that you have been offered something by your current lender. I cannot see this being a problem at all, but mention it to your IP just to make them aware

[moneymuddles]

That's great Thankyou will give my IP a call. Relieved to have been offered a good deal!