I would imagine that you will have to arrange to change the mortgage to interest only yourself.
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Depends on your age and how at some stage in the future you'll be able to afford a repayment mortgage again. The Practitioner cannot insist you do this unless it was a term of your arrangement.
Last edited by David Mond on Sun Oct 12, 2008 12:52 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Your IP has absolutely no control over your mortgage and should not. If by switching to an interest only mortgage you may release additional disposable income, this may be suggested as an option by your IP, but you should only take advice with regard to your mortgage from a properly qualified financial advisor.
