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Posted: Tue Jun 03, 2008 3:27 pm
by jenna.i
If I qualify for an IVA & my mortgage is up for renewal, will this have any affect on th decision made by the mortgage companies?

Posted: Tue Jun 03, 2008 3:39 pm
by Viki.W
Hey jenna, welcome to the forum. Yes it will but if you are thinking of an IVA then it's quite possible that you have missed some creditor payments already in which case your credit history con't be very good anyway. Please post a few more details so the experts can help. When is your mortgage up for renewal, how much equity is there in the property, how much debt have you got etc. Viki X

Posted: Tue Jun 03, 2008 3:48 pm
by drowning-mummy
Can I jump in here with Jenna too rather than start a new thread?
We were first time buyers nearly 3 years ago so have never remortgaged before. Our fixed rate ends in December when hopefully we should be in an IVA. So what happens before then? Do we negotiate a new deal with them now? We wont be changing providers as we have approx £2000 negative equity so no-one would give us a mortgage anyway. Will they put us on a really high interest rate because we are in an IVA? We really want to stay on a repayment mortgage and not have to change to an interest only because of the apr, and we are cracking on a bit now for first-time buyers.

Posted: Tue Jun 03, 2008 4:33 pm
by suzanne100268
My mortgage is due to come out of a discounted rate in January 2009 and will rise by £200 per month. This has been factored into our IVA proposal for our contributions to be adjusted in January when the new rate kicks in.

Posted: Tue Jun 03, 2008 6:17 pm
by cfnc
If you stay with your current mortgage provider, I would expect you will just go onto their standard variable rate.

If you tried to go for a new deal then your IVA will probably attract a higher rate.

There is an expert in mortgages on this forum 'Bright Oak' I think, who may be able to help.

Kirsty

Kirsty

Posted: Tue Jun 03, 2008 11:21 pm
by drowning-mummy
When will my mortgage company know of the IVA (they are not a creditor), when it is approved (I hope) or during the set up process? If I called them tomorrow just a week after signing the authority to act forms would they know? Pretty darn scared. Really dont want to sell, just want to ride it through.

Posted: Tue Jun 03, 2008 11:25 pm
by kallis3
Ours was told after the IVA went through. They then had the cheek to do a 'drive by valuation' and charge us £65 for the privilege! Wouldn't mind but they had done one only a couple of years before when we did a top up loan so they knew it was worth far more than the mortgage.

I would imagine that if you called them tomorrow they wouldn't know a thing.

Posted: Tue Jun 03, 2008 11:28 pm
by drowning-mummy
What a b***** cheek!
Do you think tomorrow is too soon to sign on the dotted line re: a new fixed rate? Sorry so many questions, but we were first time buyers so dont have a clue.

Posted: Tue Jun 03, 2008 11:32 pm
by kallis3
If you can get a new fixed rate, then I would go for it.

Posted: Tue Jun 03, 2008 11:36 pm
by drowning-mummy
Right! I'm calling tomorrow. Wish me luck!

Posted: Tue Jun 03, 2008 11:39 pm
by kallis3
Good luck!