www.iva.co.uk

Just wanting advice re mortgage payment. My fixed rate is due to end in July 2012 and will then be on SVR. I am due to save about £150.00 per month. Wondering if anyone else has come to the end of fixed rate. Will all of the money have to go into the IVA pot or will i be able to keep half.

Hi Sharon,

You will certainly have to pay some of it across but you need to discuss it with your IP - things like fuel and food have gone up so you may be able to keep some.

Expect some to go into the iva,but discuss this will your ip.

Paul

It will depend on your proposal. Some people only pay across 50% of savings from what I've read but I would pay 100% under the terms of my proposal.

Thanks.Will this be classed as a Windfall??? I am on a interest only mortgage at the moment would love to consider either a repayment mortgage or even 50/50 interest and repayment. Just wondering if that option will be available to me or once i contact my IVA company will they want me to pay the £150 into IVA pot. Will ring IVA company on Monday.

Hi Sharon,

No, I don't think this will be classed as a windfall and I don't think that you will be allowed to switch to a repayment mortgage as the payments will obviously go up by a fair amount (when I switched from interest only some years ago my payments doubled).

Take it up with your IP though, they are the ones who will give you specific advice.

my fixed rate came to an end last year and i have to pay over 50% of any surplus income which i told them it stated in my proposal.dont know how it will work when my reveiw comes up as you have to do a new i&e sheet then so will cross that bridge when we come to it.dont forget it works both ways if the svr goes up at anytime in that they will have to allow for that as well.