We are currently on a fixed rate interest only mortgage with Cheltenham and Gloucester. Our fixed rate deal comes to an end in about 12 months time.
Whilst I will see if they will let me have another fixed rate deal, I don't hold out much hope. Therefore we will revert to SVR, which for us will be 2.5% - and therefore will reduce our monthly payments by about £200 per month.
Will my IP expect the money that we are saving on the mortgage to be paid into my IVA, or will they allow me to continue to make the same payments to the mortgage and start to reduce the balance?
Our fixed rate with Santander came to an end last October, they said we were ineligible for any other product, due to IVA, so we are on the SVR. I also had a pay rise around the same time. I rang our IP to inform them of the changes and they advised that they did not need to know until our annual review in July.
I don't think you will be allowed to pay the extra into your mortgage as it will be classed as extra disposable income and you IVA payments maybe increased.
Unfortunately I doubt you will be able to refix your mortgage and will have to go onto SVR.
Any savings from your mortgage should be paid across to your IVA but of course you need to sort this with your IP company.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
well mind changed to svr from a fixed and i had to pay over 50% of any excess income over as stated in my proposal.so i got to keep half of the saving.dont know what will happen next reveiw time tho.
cc received 6th January 2014 now upwards and onwards
