Page 1 of 1
Posted: Thu Apr 30, 2009 6:55 am
by Michael2074
Am i allowed to take mortgage holidays in an IVA?
Thanks.
Mike
Posted: Thu Apr 30, 2009 7:53 am
by MelanieGiles
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.
Posted: Thu Apr 30, 2009 10:00 am
by mole
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.
Posted: Fri May 01, 2009 8:23 am
by David Mond
Suggest swardean if this happens to you talk to your IP first to see if there are any other options.