www.iva.co.uk

Can I extend my mortgage whilst in a IVA to help with my monthly outgoings ?

Interesting, I have a flex mortgage account that allows the draw down of any money already paid in. Obviously there is an increase in my monthly mortgage payment to cover any extra cash I take out.

I used this a couple of time pre-IVA but had forgot about this. It is re-assuring to know I could get hold of cash in an emergency

your monthly payments should be set to an affordable level at the outset,if you are struggling you need to speak to your ip.

Hello Zimmy.

When you say you would like to "extend" your current mortgage does that mean that you are currently in some kind of "deal" (such as a fixed or discounted rate) which you would like to extend? Or does it mean you would like to extend the term of the mortgage so that the monthly payment is lower each month?

In either case the answer would be at the discretion of your existing mortgage lender.

However, if your monthly expenditure decreases it's likely that your IVA payment will increase. Therefore MRBLUESKY makes a very good point that if you cannot afford your current IVA payment a chat with the IVA provider is likely to be more useful for you than a chat with your mortgage provider.

Andrew
I would like to extend the term of the mortgage as it only has 5 years to run and it would lower my monthly payments, I am keeping up all payments at the moment,but have absolutely no money left each month and getting really depressed.

zimmy do talk with your IP as it shouldn't be like that, money is tight within an IVA but shouldn't be unbearable to live with. Is your I&E realistic? x

Lesley, I will talk to them, but I would like to know where I stand before I speak to them. Thanks

Zimmy, I was just enquiring if your I&E was realistic as if you had more disposable money at the end of the month then there would be no need for the mortgage extension and then you'd be totally debt free sooner?

Leslie

I have already haggled and got a 15% reduction, but I am still struggling, the only option I can think of is to extend my mortgage (if allowed) as it only has 5 years to run by which time I will be 55.

I hope this works out positively for you the zimmy, all the best. x

Hi Zimmy
When is your IVA scheduled to finish and what was said about your equity in your Chairmans report ?
Regards

Andy
I am only 5 months in and the equity would be checked on the 54th month I think.
Regards

Hi
If your mortgage finishes in five years will you have no borrowings against the house or are you on an interest only mortgage ?
Regards

Andy

It is made up approx 20% endowment 80% repayment and I have been told the endowment part will fall short, this finishes 2 years before the repayment. So if I deal with the shortfall there will be no borrowings against my house.
Regards

Hi
Will you not have quite a large chunk of equity in your final year of the IVA ?
Regards