Re mortgage

[jpj]

I might be wrong,but if you port your mortgage to another property you have to fill in a fresh mortgage application as it is a different property,then they will credit check you and refuse you a new mortgage! so be careful and check that out ! )

[Adam Davies]

Hi Hara
I do hope that you can secure a good deal with your existing provider and will be interested to read Mike's,Andrew's and Tony's views.
Just for info I have a mortgage for over 100k less than you and am paying more than you per month !!
You really have got a cracking deal.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[hara]

Dear jpj,

As I am in IVA my position is better now as I have to pay fixed amount to IVA.

Also the reason for selling is to clear IVA in a F&F,which would leave a lot more money to cover mortgage payment and debt free except mortgage.

If any thing the financial position will have improved,can not this be taken in to account by mortgage provider.

I think my mortgage provider is a subprime provider.

Originally it was provided by gmac who sold it to mas5,which is a subsidiary of brittania building society.

I wonder if the person who arranged my mortgage with gmac can help me,as I 210000 debts when I arranged my remortgage 2 years ago?

Hara

[hara]

Dear Mr. Davie,

I am paying only interest.

Hara.

[jpj]

Well if your with a sub prime already you will probably be ok... its when your with the High st ones etc that you would have problems...

Seems your pretty clued up already hara ! )

[hara]

Dear jpj,

When I obtained remortgage,I had to approach a agent who arranged mortgage for people with high debts. my debts was 210000.

mortgae was obtained with gmac,If i am not mistaken I think they are sub prime,they have sold it to MAS5,which is a susidiary of Brittania bulding society,I feel that thay may sub prime as well.

With my debt of 210000,the agent who obtained my mortgage,has managed a good interest rate of about 5%,interest only.

I am just wondering if it is worth approaching him.

If any thing my position has improved,if anything because of IVA.

Hence I wonder if there is a chance of getting reasonable fixed rate,while I am trying for a F&F.
Hara.

[MelanieGiles]

If you have a broker who has acted for you in the past, they are probably the best first port of call, but don't expect them to get the same rates for you now - the mortgage marketplace has moved on somewhat since you took out your mortgage and rates are much higher generally. I suspect you will get something between 6% and 7%.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi Hara
I think reality is that if you can't get a deal with your current provider you will be in for a hefty rise in your payments.Each 1% over 4.99 will add approx £200 per month to your mortgage,it is quite possible that you will have to pay 2% more if you have to find a new lender.
If you sell and down size and offer a full and final then mortgage interest rates will be less of an issue for you
Good luck
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[hara]

Dear Mrs.Giles and Mr.Davie,

Thanks for your reply,

6% may be just managable but 7% would make life hell,which it already is.

There are other issues,hence I am very keen on F&F.
I have two sons who would be able to help along with sale and down sizing of house.I am very keen on F&F.

GT is my IP I have mentioned it to one of the ladies I spoke to and she has given me the name of the person That I have to speak to discuss a proposal.

As GT is very experienced I haope they wiil be sympathetic to my dilemma and come up witha plan.

Hara.

[Adam Davies]

Hara
GT are very experienced and will give you the best advice.
Have a chat with them now,try to actually get hold of your IP,and start the ball rolling.I feel that you will worry yourself too much over this,do not leave it until March
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[hara]

Dear Mr.Davie,

I have never spoken to my IP.It is always the others.

I presume it will be the same now.

Yes I worry a lot,there is a lot at stake here.

I am very anxious,worried and depresed.

I have a wife and two children of 14 and 13.

If it was not for them I would have called it a day and ended my misery.

Hara.

[jpj]

Hara
I would officially write/fax your IP, stating your situation and requesting a full and final figure (thats what i did) at least then you have it in black and white.

[Adam Davies]

Hara
You are a long standing forum member,very sensible and responsible.You will get through this,I'm sure that a F+F will be an answer and ending to your problems.We have all felt at rock bottom,but I can tell you,from experience,that there is light at the end of the tunnel,and it's nearer than you think.You have all the support that you need on this forum.
Write to your IP,recorded delivery,with your thoughts and concerns.They have a duty to reply and take action.
I will email you my personal email address so that you can contact me when you feel low.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[hara]

Dear Mr. Davie,

That is very kind of you.

I grately appreciate your advice,mrs.Giles advice and other members advice.

This site is God send to every one,if there is one.

Hara.

[jpj]

Stick with it Hara, it will all work out in time.If you think positive it helps positive things happen!!

If I remember rightly (and Im sure Melanie and Andy will put me straight) that once your full and final is agreed, you stop paying your monthly payments and have up to 12 months to sell your house and pay the full and final sum. That could ease your mortgage worries.