www.iva.co.uk

I know my fixed rate mortgage won't run out until 2011, but I'm really worried to what my mortgage will go upto with all this credit crunch and recession talk!! Petrified incase the IVA would fail 3 year down the line.

Would I just have to maybe try for interest only until IVA finished, would that be an option??

I know its far away, but these things creep into my head every now and then..

Hi Angela,
I know what you mean - I think we are all prone to worrying to excess - it's the nature of our position!! I'm in the process of trying to keep my house - at least until year 4. I've negotiated changing to interest only to reduce the payments for a while and to be honest it was easy to do: You simply have to put your request to change in writing to your mortgage company. Selling now would be disasterous for anyone with prices falling as they are.
It hastaken my IP two months to get round to me, but we have a conference call to discuss the changes next week - I'm hoping it will be OK as I will still be able to maintain my payments as planned.
I hope that helps reassure you,
Best wishes,
Chardonnay

Hi Ang,

I know just how you feel as I am worrying about ours and our fixed rates ends in 2011 too!

I am really fretting about it even though it is so far off and probably impossible to say what the market will be like then!

Keep trying to put it out of my mind until closer the time but I am already worrying. Like so many others I did not know it was possible to ask our IP to stagger the payments that far into the future and they didn't suggest it so that is gonna be our tricky time I think [:(]

Lets hope we are both lucky enough to sort something out nearer the time! But would be nice to know if anyone has any advice on when we should start looking or what options we could consider like interest only etc...

thanks for replies.. will try to put to back of mind until nearer the time[:)][:)]
I think will just have to try for interest only if things get that bad in 2011.. hopefully market will sort itself out and won't be too much difference..

Our interest only mortgage finishes next summer and although I'm not in an IVA I can understand how you are feeling. I'm already worrying about what the mortgage will go up to, and as it's already interest only there's not a lot of room to change anything. Although I've said in another post I don't worry about whether the house goes into negative equity as we've got no plans to move, I do worry about whether we'll be able to pay the mortgage.

Lets hope we all get a reasonable deal x

Reading all these posts about fixed rate morgages, makes me so glad I never took one of those out.

OK, I've probably paid more than most of you over the months, but I haven't got a nasty shock coming soon. Both my stepson and stepdaughter have seen their mortgages rise by over £200 per month and there is no way they can get a new fixed rate.

I hope you all manage to either get a new fixed rate or be able to negotiate an interest only.

If you are currently in a repayment mortgage, then you do have the option to revert to interest only to save money - but some lenders are insisting on seeing a repayment tool in place running alongside the mortgage which then rather defeats the object.

We live in trying times - and none of you should be worrying at the moment about things which might happen in three years time. If you are represented by good IPs who you can contact directly for a chat if you fall into problems, there will usually be a solution to find. And your creditors really do understand how bad things are at the moment.

Very reassuring Mel but the creditors who you say are understanding are the same cabel creating the sick economic downturn and it is all too plain to see. I am in a IVA myself and these banks really can't chage their spots, they can't help been 'creatively destructive' - accept no lower return - principle over pragmatism. I baulk at their 'sophistocate' counternance.

I am waiting to uncork a bottle of cheap champ' when the second vote for the US 700 bilion rescue plan become defeated again. Its time to return to some commonsense fairness and maybe some humbling of creditors will then shine through.

You are of course entitled to your views - but I have to work with these guys every day of the week and, whilst they do make some strange decisions occasionally, on the whole I personally find them a pretty commercial bunch.

And I don't think the US Congress turning down the proposed funding will actually do any of us any good in the long run. There just needs to be a little more accountability of where the money is actually going to be spent.

Indeed Mel, but fanancial and economic discourse are as cyclically linked as my two intestines, if one is seriously impaired then so would be me.

The IVA is like a cog that is on some huge machination of the mechaism of Lending and Borrowing.

To see change for the better we must see an overhaul in the heart of the matter.

There are just too many seminal dolt in Wall street doing a crywolf on what happens if there is no bail out, but hey that proves US free market capitalism is working(survival)......not state socialism which is what the bail out is about. Nationalisation of debt or corporations isn't the answer TODAY; if it is why did we privatise the nations industry - BT, Rolls Royce, British Gas....etc. We all signed up to the US system and will have to be buried with it and ony godly intervention change it.