Hi ashington and welcome to the forum
Having just had an IVA approved, and now worrying about the consequences, strikes me that insufficient thought was given to the implications of the procedure before the proposals were presented. Did your IP carefully explain this to you, and did you ask the questions at the time?
It is natural to worry once the burden is taken from your shoulders. Prior to the IVA all you can think about is - will it be accepted. What will I do if it isn't? Afterwards, I imagine there is a feeling almost of anti-climax, and a lot of my own clients tell me that they get worried because there is nothing to worry about, and then they go and find something. Perhaps this is happening to you?
The reality of your IVA is this. You are stuck with an interest only mortgage for the next six years, and presumably will be required to raise equity at the end as well. Once the IVA has concluded, you will have surplus income which you can then use to reduce your mortgage over time. There is no reason why you cannot source a repayment mortgage during the final year, but your repayments must be no more than 50% of your then surplus income - providing your IVA has been proposed along the current IVA protocol, or its predecessor versions.
Regards, Melanie Giles, Insolvency Practitioner