mortgage rising

[andrea]

spoke to my supervisor has our mortgage is going up in november has the fixed rate ends they asked me to go back to the mortgage company to see if we can go onto a interest only in which they said we cant now i have to go back to the supervisor to tell him but need to know what the worse thing could happen or what they could do next we have already extended to the 72 months.why was mortgage rates not took into acount when people take these out as they do go up i am really scared now if we remortgage do you need to pay alot more back to settle early than you would do just paying the monthly payments please help

[Adam Davies]

Hi andrea.
You have several options.You could remortgage and hopefully find a mortgage that will keep your payments at the level that they are now.You will have to check your mortgage deal to see if you have an early redemption charge and how much it is.
You could ask your IP for a variation meeting to reduce your payments down to compensate for the impending mortgage increase,this will need your creditors approval.
Did your existing mortgage company say why you couldn,t change to an interest only mortgage ?
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
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IVA Helpline: 0800 197 4838
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[MelanieGiles]

I've already answered this on another post - are the forum gremlins at it again Andy?!!!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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