www.iva.co.uk

My fixed rate deal is up on my mortage but my IP is saying i need to show them my options before i re-fix, I'm worried about not getting a fix rate or it going on SVR and struggling to pay it..

You will be very limited in your options as to what your lender will offer and I doubt your IP will have the luxury of any say in the matter! If your mortgage increases your IP will have to look at re-adjusting your IVA payment to accommodate it.

Hi Foggy,

Vanguard told me they would need to see the fixed rate deals and them to decide what i fix or go for, I'm paying £100 a month what would be the minimum i can pay if my mortgage goes up 60-70 extra month?

Your IP, if you have the usual clauses can drop that by up to 15%, so, to £85 per month without having to consult creditors, but that is right on the limits for a viable payment. I imagine your IP is taking this much interest because you are close to the minumum workable amount already. The matter is more likely to be decided by your lender however.

Foggy,

I'm currently with Leeds BS on a shared ownership deal, It says when i log on 3 months before to select a deal they don't do a credit check and can sign a new deal online. Will Leeds know about the IVA and if so do you think they will just put me on a variable and give me no option to fix?

Si1991 wrote:

Foggy,

I'm currently with Leeds BS on a shared ownership deal, It says when i log on 3 months before to select a deal they don't do a credit check and can sign a new deal online. Will Leeds know about the IVA and if so do you think they will just put me on a variable and give me no option to fix?

They will have been informed of the IVA. What they do with that information depends on their current in house policies, but quite a few forum members have been able to get a better fixed deal with their lenders while still in the IVA, so don't give up hope.

Si1991 wrote:

Foggy,

I'm currently with Leeds BS on a shared ownership deal, It says when i log on 3 months before to select a deal they don't do a credit check and can sign a new deal online. Will Leeds know about the IVA and if so do you think they will just put me on a variable and give me no option to fix?

Hi I am with Leeds BS and in an IVA and have just changed to a new deal online. All went through this week no questions asked or any hassle at all , just clicked the best deal offered and they emailed me the forms to fill in then emailed back and was all completed within 2 weeks .
Good luck

phlip wrote:

Si1991 wrote:

Foggy,

I'm currently with Leeds BS on a shared ownership deal, It says when i log on 3 months before to select a deal they don't do a credit check and can sign a new deal online. Will Leeds know about the IVA and if so do you think they will just put me on a variable and give me no option to fix?

Hi I am with Leeds BS and in an IVA and have just changed to a new deal online. All went through this week no questions asked or any hassle at all , just clicked the best deal offered and they emailed me the forms to fill in then emailed back and was all completed within 2 weeks .
Good luck

Thank you for that Phlip -- it's great to have personal experiences shared - especially the positive ones

no problem , we where surprised how easy and quick it went through plus we`ve saved nearly £200 a month !

phlip wrote:

no problem , we where surprised how easy and quick it went through plus we`ve saved nearly £200 a month !

Thats nice to know Philip, may i ask what rate they gave you? I know mine will go up as im on 3.69% now

Si1991 wrote:

phlip wrote:

no problem , we where surprised how easy and quick it went through plus we`ve saved nearly £200 a month !

Thats nice to know Philip, may i ask what rate they gave you? I know mine will go up as im on 3.69% now

We got a fixed rate for 5 years at 2.74%. not the greatest on the market but obviously we cant really pick and choose.

Thats good 5 yr deal ... fingers crossed OP is offered as good a one

Has anyone had experiance needing an IP’s approval to re-fix a rate?