Our fixed rate is due to end on in December this year and we will receive a new offer from our lender next month, should we decide to fix again or go onto SVR.
At the moment we pay just under £900 a month on 6.38% therefore whatever the new fixed rate offer will be eg 5%, we should make a saving of approximately £200 per month.
How much of this saving will we have to pay into our IVA? At what point do we inform our IP? Or do we have to wait until we have our annual review in May 2011.
My fixed rate was written into my proposal for me to pay 24 months @ £xxxx and then 36 months @ £xxxx but it went down a lot more than antcipated so I informed my IP straightaway the new figure and she let me know how much extra to pay into the IVA. I would contact your IP as soon as you know your new figures. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Unless the difference in your mortgage payment is material - ie more or less than 10% of the current payment, I would merely advise the IP at the annual review point.
Many thanks for your advice. I was just wondering what the protocol is as we want to use any savings we make for home improvements. Both kitchen and bathroom need tlc desperately.
