Mortgage holiday

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Michael2074

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Post by Michael2074 » Thu Apr 30, 2009 6:55 am
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Am i allowed to take mortgage holidays in an IVA?

Thanks.

Mike
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MelanieGiles

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Post by MelanieGiles » Thu Apr 30, 2009 7:53 am
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That is a matter between you and the mortgage company, but I see no reason why not so long as it is to cover an emergency and is for no more than a couple of months. If you have an equity release provision, this would affect the level of equity, so it is not something which ought to be done habitually.
Regards, Melanie Giles, Insolvency Practitioner
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mole

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Post by mole » Thu Apr 30, 2009 10:00 am
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It is an interesting point, as I have a flex mortgage and can draw down cash or miss monthly payment, etc. The impact is not to extend the term of the mortgage but to increase monthly payments until it is finished. As you mention Melanie, this could (although very unlikely in my case) affect the amount of available equity at the 54 month point. However, it is usefult to know this was available in an absoluete emergency.
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David Mond

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Post by David Mond » Fri May 01, 2009 8:23 am
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Suggest swardean if this happens to you talk to your IP first to see if there are any other options.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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