Hi, we have had our IVA since July 2011. We have a mortgage with NRam and are stuck on their standard variable rate. This means we are paying over £200 a month in unnecessary interest as NRam are not offering any new deals. Is there any way out of this situation, I.E. remortgage with another lender or any other solution? Thanks in advance Dave
If you're still in the IVA I'm afraid I think it's very unlikely that you'll find a replacement mortgage lender. It's also worth bearing in mind that a significant reduction in your expenditure is likely to result in your IVA payment increasing (all other things being equal).
If you've now been discharged from the IVA you may have a better chance. In these circumstances the longer you have been discharged the more options you're likely to have. Best to speak with a mortgage broker if this is the case as they're the experts on this topic.
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