Off-Set Mortgage

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BurnleySteve

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Post by BurnleySteve » Tue Sep 22, 2009 7:40 pm
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Hello,

I'm currently considering an IVA. I currently have a Natwest Off-Set mortgage which uses any credit in my current Natwest current account to off-set interest on the mortgage (the account is in overdraft so this does not happen). The Mortgage has a different account number to my current account so once the IVA is in place and my current account is closed tis shouldn't affect the mortgage?

I intend to keep paying from my new account once it has been set-up.

Accepting the fact that I need to resolve my debt has been a stressful experience but one I am now ready to face up to.

Regards

Steve
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Skippy

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Post by Skippy » Tue Sep 22, 2009 9:09 pm
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Hi Steve and welcome to the forum.

I'm sorry I can't advise about your mortgage, but one of the experts will be along soon.

Good luck with your IVA.
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Cath

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Post by Cath » Tue Sep 22, 2009 9:24 pm
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Welcome to the forum, you are not alone, we're all here for the same reasons.

Good luck with your IVA and hope you can sort out the NatWest thng. xxx
7 year IVA completed in December 2016 - there is light at the end of that tunnel
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Welsh Boy

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Post by Welsh Boy » Tue Sep 22, 2009 9:54 pm
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Steve

I don`t think the fact of you having an off-set mortgage would be an issue.

An off-set as you know is just an hybrid type of mortgage account.

Once your IP gets down to working with you the only issue will be what is actually secured against the property and what equity there may be.Tony
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BurnleySteve

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Post by BurnleySteve » Tue Sep 22, 2009 10:23 pm
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Thanks for the welcome and thanks Welsh Boy. I will see what my IP has to say about it...
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MelanieGiles

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Post by MelanieGiles » Tue Sep 22, 2009 11:12 pm
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Tony is absolutely correct. The closing of your current account will have no effect on your mortgage with NatWest.
Regards, Melanie Giles, Insolvency Practitioner
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