www.iva.co.uk

Hi Folks. As a IVA newbie I'm looking at all ways to reduce costs - my current mortgage is on a variable rate - what are the chances of my existing/new lender allowing me to go onto a lower fixed rate? are there any approaches which might help?

You can try tradingplaces - some have been successful, some not. Your IVA company will have been told of your IVA so this might hamper you in that direction.

Trading places - you are highly unlikely to get a new lender - and as Kallis mention you exsisting mortgage company will have been informed about your IVA.

Depending on who your Mortgage company is - you may be lucky to get a fixed rate, any deduction in mortgage payments will need to be discussed with your IVA company and they may want a share of any reduction.

we looked into this with our provider and it was an instant no!! We're with abbey. Good luck and hopefully you will get a positive response

Lots of posters are finding that mortgage companies (even their current one) won't offer new products so they going onto SVR as their only option. You can but try...

My mortgage company don't know about the IVA and have always re fixed the mortgage without any issues.

An oversight by your IP! But one to your advantage x

Are you sure they don't know about it Matty? The IP informs them as soon as the IVA is approved. I only realised that when my mortgage company wrote to me and told me I was bankrupt and I had to get on the phone and put them straight!!

They might not have mentioned anything to you about it and some posters have been lucky in managing to get a new fixed deal.

Thanks to all of you. I think we shall just give it a go - you never know![:)]

Let us know how you get on.

Best of luck...let us know how you get on xx

Ha Ha! - well...I spoke to a lovely lady at the Building Society - she offered me lots of options and we decided on a new deal that would reduce our payment by £ 70 which would help towards the new joint liability 'hit' from our old bank. However when she went onto other 'products' (there was not a choice about discussing them ) then we hit a ' technical problem i'll just put you on hold for a minute' -when she came back on she stated that there were no longer any options available!!. Is there any appetite out there for a 'blacklist' of institutions for when people emerge into the light ?

which mortgage provider you with mattyboy?

That's not good tradingplaces. Your IVA has obviously flagged up your IVA.

Im with Yorkshire Bank, they definitely dont know about my IVA as they offered me a pre-approved overdraft and credit card which i have turned down a number of times. They always have allowed me to go on any new deal I like as long as it doesnt extend the mortgage term there is no need for a new credit check. Maybe the IP tried to tell them but they didnt record it anywhere. I didnt even think an IVA could stop you renegotiating your mortgage deal, I guess I am just very lucky.