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Posted: Wed Apr 04, 2012 1:23 pm
by onevictor
Hi, half way through my IVA, all was going well until this morning when i recieved a letter from my morgage company informing me that my fixed rate had come to an end and they had put me onto the variable rate, when i contacted them to change onto another fixed rate they imformed me that they wouldnt offer me any other deal due to my credit rating as a result of my IVA, i have phoned a few other morgage companys who have said the same and wouldnt offer me a morgage, my morgage payment has gone up by £170 a month which needless to say i cant afford! what is going to happen ? please help..
Posted: Wed Apr 04, 2012 2:58 pm
by kallis3
Unfortunately you won't be able to move your mortgage due the IVA as your credit rating will be shot.
Speak to your IP and let them know of the extra expense. They can lower your IVA payments by up to 15% without resorting to your creditors otherwise a variation meeting will have to be set up.
I'm sure it will be ok though as a lot of posters are experiencing similar problems.
Posted: Sun Jun 10, 2012 9:38 pm
by jurobo2
So how do the IVA company arrange for you to remortgage in the fourth year of your IVA to release equity if no one is going to take you on due to bad credit rating?
Posted: Sun Jun 10, 2012 9:42 pm
by Shining
You will need to get a valuation and apply for a mortgage if you have equity, you will get knocked back (assuming) and then the 12 months extra in lieu of equity may come into play.
Always worth discussing with your own IP in the first instance though.
Welcome to the forum too.
Posted: Sun Jun 10, 2012 10:14 pm
by plasticdaft
It does seem a strange situation to be in for everyone having to waste time applying for remortgages only to be knocked back and have to extend the iva by 12 months in lieu of the equity.
Paul
Posted: Mon Feb 25, 2013 7:02 pm
by Isis Black
its very crazy but hey i guess they just need that official notice to give proof you wont get it.
anyway we have found we were better off when our fixed rate finished
payments are lower so touch wood were ok till rates go up, then we shall see how things go
Posted: Mon Jul 15, 2013 3:41 pm
by rosie_percy
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Isis Black
anyway we have found we were better off when our fixed rate finished payments are lower so touch wood were ok till rates go up, then we shall see how things go
good on you
always nice when payments are lower haha x
Posted: Mon Jul 15, 2013 7:16 pm
by Struzzo39
Hope you get sorted.