Well, my fixed rate mortgage deal with Santander has just come to an end! Looking for people's views or experiences in this happening during an IVA.... I am unsure whether to bother trying to get a new fixed rate deal with Santander or just leave it on the standard variable, my payment will only go up by approx £3 per month but of course I would like the security of knowing what my payments are going to be over the term of my IVA but also know that I may not get another fixed rate deal with them due to my IVA and I don't particularly want to rock the boat with Santander and bring my IVA to their attention as at present I am still operating a normal current account with them which allows me to earn a little cashback on my bills - I don't want them to close my bank current account and hassle that may come with that so don't know if it is even worth trying to get a new fixed rate deal on my mortgage! am also nervous of any increase in interest rates on my mortgage though which could leave me struggling with a higher payment to make for my mortgage during my IVA.
Does anyone have any advice/experience with this during their IVA?
Hi
I have finished my IVA (waiting for CC). However, Santander refused to let us onto another fixed rate after our initial one finished. We have now been on their variable since 2010. I didn't mention the IVA as was just looking to fix not borrow any more but they knew about it and it's their policy not to allow fixes for customers in an IVA.
You never know though, it's still worth a try!!
I can never understand why banks are complete numptys when it comes to re doing a fixed rate mortgage for somebody who is already in one and have there payments coverd by the iva.a flawed set of rules if ever there was one and no wonder they are even worse at managing money than we was.
cc received 6th January 2014 now upwards and onwards
Well, I think Santander may have already picked up that I am currently in an IVA. I did phone them up to ask what rates would be available to me (I didn't mention the IVA) and was put on hold, when the advisor came back he said that only the SVR was available - there were no other deals. I doubt that is the case for a "Normal" customer so I have assumed that they already have my IVA details. So, am stuck on the SVR.
I just have to now hope and pray that nothing horrendously drastic happens to the mortgage interest rates over the term of my IVA, I really don't want the IVA to fail as the options then available could leave me in a far worse position as if I was made bankrupt I would lose my career and then would have nothing.
back on track I am with you in a lack of understanding why banks can't fix a rate for a customer who (although clearly very bad at managing unsecured debt) has never failed to make payments to mortgage on time and in full, although I agree the IVA shouldnt be an easy ride it feels like mortgage lenders could make things worse for us in IVA's trying to put right our situations - if my mortgage payment went up too much and I couldn't pay enough into my IVA that would be so much worse), guess its just a business at the end of the day though and if they can get more money out of us by knowing there is nothing we can do about it then I suppose its just "good" business!!
Also hope that the with nothing to offer mortgage wise, Santander don't now pull my current account knowing that I am in an IVA(?!) we will see I guess, I'll just carry on until something happens and if it doesn't then good.
When i went into my IVA the Halifax wrote to me stating that they will keepo my IVA on file for it duration then remove once settled... They truely have all the information! That said they have also recently mentioned that they are willing to talk in Yr 5 re the remortgage to see if they can help.......
Hi Lisa - I believe your mortgage company are made aware of the IVA. This should have no reflection on your current account however. It is good that there is hardly any difference in being on the SVR than when on your fixed rate - lets hope rates don't change too much for the remaining term of your IVA.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
