My wife and I have been in IVA for 18 months now,Our mortgage deal is up for renewal in September,will we have a problem remaining with our current lender,also due to being in an IVA will we be treated differently in regards to rates we are offered?Im aware any increase/decrease in mortgage payments will be submitted to my IP,we are just wondering what others have done when in this situation.Thanks
My IVA began in Aug 2010. Halifax, my mortgage lender and one of my credit card creditors, were well aware of the IVA as my IP is legally bound to tell them.
In Sept 2011, my 5 year fixed rate mortgage was up. I rang them, spoke about the IVA and me wanting another fixed rate, so that I knew where I stood re mortgage payments over the life of the IVA.
Halifax gave me another reasonably rated 5 year fixed mortgage. Less than 10 minutes over the phone.
You were very lucky then SFA - the vast majority of posters are unable to refix and have to go onto SVR.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Kallis3.Do I presume that SVR is standard variable rate?we are on a fixed rate at the minute and would want that to continue until after the IVA.Seems you get penalised for being in the IVA even though we have never missed a payment on the mortgage!
Yes, it is the standard variable rate. You may be lucky and be able to refix - give them a call and ask.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I fully expected to be placed on SVR, due to the IVA. I pushed the guy on the phone about their knowledge of the IVA as I didn't want to be accused of any underhand tactics to get another fixed rate. He read all my IVA details from the screen and pointed out that my IP is duty bound to inform my mortgage lender. Maybe I was lucky, but Halifax didn't seem to bat an eyelid.
We have a mortgage with Santander - our 5 year fixed rate deal was up last summer and Santander refused to re-fix it stating this was due to information held by themselves prevented them from offering a further fixed rate and we were transferred to the standard variable rate. We have had the mortgage with Santander for 17 years and never missed a payment!!!
The chances are that he would have to stick - you are highly unlikely to be able to move mortgage companies whilst in an IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
We are with Santander(was Alliance & Leicester)and our fixed 5 year rate finnished last year and under the terms of our fixed rate ending it was stated we would go onto a Tracker 0.95% above base rate. This meant our payments reduced to around £350 LESS per month.For us i saw that as a piece of luck, but i think as long as you can pay the mortgage payments and all the bills within your budget then i think you just need to ride the waves of the IVA until its finnished.
Even if you save £150 per month on something i cannot see it being to your benefit as the IVA will what you have saved!! Just like ppp, why try and get it when its not going into your pocket!(Some cases maybe worthwhile ie you owe £3000 and you get £3500 back but generally cannot see the point.
I think when you are in a IVA your chances of changing certain suppliers ie Car Insurance, different mortgage products, mobil phone suppliers are very very limited.
Yes there are cases where you might get lucky and be able to change but im afarid most of us we will have to put up with what they want to offer us and not what we would actually like from them!
when Santander put me on to there svr next year, it will been more into my iva as im paying 6.25% on my fixed rate deal.
and ther svr is about 1% less.
IVA now over with and it was worth it.
now starting my life again,
Our payments also went down monthly when changed to the svr - and no we did not move as no other companies would offer us a mortgage whilst we are in the iva. But, call me stupid, even though the monthly payment was more I always liked the security of
knowing what the mortgage repayment would be each month and not have to worry about what the interest rates were doing! Still as already stated were left with no choice. Have also now found this to be the case with car insurance and our mobile phones - and am of the opinion that will have to accept what is offered (or not offered in reality) until we have fulfilled our commitment to the iva. However, am still in a much better place now we are in an iva than the year(s) leading up to it.
