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Cath
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by Cath » Sun Jan 17, 2010 3:21 pm
We too have been interest only for years. I am hoping that post IVA we will be able to go repayment, we only have 16 years left on the current mortgage but again am hoping that we will be able to re-mortgage post IVA as our curent lender only offers SVR no more fixed rates from them.

 

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kallis3
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by kallis3 » Sun Jan 17, 2010 3:58 pm
I am so glad that we are on repayment, and were allowed to keep this under the IVA.

 

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Skippy
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by Skippy » Sun Jan 17, 2010 5:17 pm
Sorry Mel, I've only just seen this. We took out another fixed rate at interest only last year so I'm not sure what penalties there would be if we changed now. We're hoping at some point over the next couple of years to start over paying, but it's just not an option at the moment!

 

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millsy22
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by millsy22 » Sun Jan 17, 2010 5:27 pm
hi we have just done a fixed rate again and our lender would want 3 months payments as redemption so the same as you skippy not an option at the moment but hopefully later on

 

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Skippy
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by Skippy » Sun Jan 17, 2010 5:42 pm
We ummmed and aaahed what to do but we couldn't risk switching to repayment at the moment and didn't want to get caught with the interest rates going up!

 

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kallis3
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by kallis3 » Sun Jan 17, 2010 6:05 pm
Our payments change once a year, and this years has been sorted. It's gone down a whole £1 a month!

 

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MelanieGiles
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by MelanieGiles » Sun Jan 17, 2010 6:38 pm
I wasn't suggesting formally switching Skip - but wonder that if you wanted or could afford to whether you had the option to make capital repayments on the mortgage now. Many mortgages do provide for this, but I don't think it is widely known about or used.

 

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Skippy
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by Skippy » Sun Jan 17, 2010 7:09 pm
I'm pretty sure that we can make capital repayments, but since we moved we haven't been in a position to do so. Hopefully that will change at some point!

 

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mike.s
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by mike.s » Sun Jan 17, 2010 8:28 pm
Hi doomandgloom,
I know things seem really bad at the moment, but I promise you there can be light at the end of the tunnel, and there will be the right solution for you, with some help and advice. I do fully understand where you are coming from with regards to your home, but is it worth all the pressure you, and your family, are going to go through to keep it. I was up to my eyeballs in debt, at my wits end, sleepless nights, didn't know which way to turn, there just seemed no hope until I found this forum. I made the decision to sell our home, I have a wife and two children, it was a very, very difficult thing to do. But I wanted to pay back my debts and get on with rebuilding my, and my family's life, so the house was put up for sale. Once it sold, with the help of Melanie and her wonderful team, and a lot of work and tears, my creditors accepted a full and final payment and I was able to get on with my life, debt free. We rented a house, not what I wanted, and I began, with a lot of hard work and determination, to get back on track and build my business and life. My business has now grown beyond anything I could have hoped for, and a few months ago we moved into a lovely house. Yes still rented, but a lovely house that to be honest I could not actually afford to buy but can afford to rent, and it is the happiest I have seen my family for a long time. We had a lovely holiday a couple of months ago, had a wonderful Christmas, and things could not honestly be better. You can rebuild your life, it is not the end of the world to sell your home, I truly believe home is where the heart is, and myself and family have never been happier. Too be honest I'm more than happy to rent, if anything goes wrong I don't have to pay for any repairs etc. I know you have to look to the future, but I'm sure your children would much rather see their parents happy and spend time together as a family, I don't think they would really care where they were living so long as they have this. Life is very short, and to hang on to something that could see the end of your problems and bring you back together as a family without the stress of debt, is something you need to think long and hard about. To me my family is everything, it's what I live for, and this last year has been amazing, I have given them everything I have always wanted to give them, a happy place to grow up in, together as a family, without any stress of debt destroying us. Part of my debt was buying things that none of us really needed, you think you do at the time but you really don't. We have had a lovely holiday and a fantastic Christmas and it has all been paid for with our own hard earned cash, and it feels great, and it would no matter where we live. I might never be in a position to buy a house again, but at this moment in time it doesn't matter, I have my family and they have their dad and husband back. My son is in sixth form now and both he and my daughter are strong wonderful people who, I'm sure will go onto great things and build there own lives. Even if I still owned my own home, I know they would not need this as security for their own future as I know they will build thier own lives and their own security in whichever way makes them happy. You really need to get some sound help and advice and get out of debt and back on track, this really is possible and there will be a solution for you, no matter what this solution is, priority is to get this debt of your backs. Once you have done this you can start to rebuild your lives and look to the future, no matter where you live.
I really hope it all works out for you, whichever path you take.
Best wishes
Mike

 

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MelanieGiles
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by MelanieGiles » Sun Jan 17, 2010 10:26 pm
That is a wonderful post to share with the forum members Mike, and as ever it is lovely to hear from you and to know you are doing so well.

 

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size5
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by size5 » Mon Jan 18, 2010 10:15 am
On the subject of mortgages, it is right to say that the majority of mortgages, so I am led to believe by an expert friend of mine, do allow for additional repayments to be made to reduce the capital, although there is usually a limit as to how much you can do so without penalty.

My own deal allows this, but they will not accept a direct debit to do so, they recommend a standing order, which is confusing in one sense as they will only accept d/d for the payment itself. To anyone that is in a position to do so, voluntary extra payments can only be a good thing for the long term.

Regards.

 

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Shining
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by Shining » Mon Jan 18, 2010 10:30 am
I am a little concerned about my age and my mortgage but to be fair after much consideration I wouldn't mind renting in the future, post IVA I plan to sort myself out once and for all and enjoy the rest of my life.

I doubt I'll ever pay my mortgage off so it may be a wise move for me as I don't want to struggle post IVA, I think it's time I was comfortahble with my life and finances. x

I understand I can pay extra into my mortgage but doubt that will happen.

 

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kallis3
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by kallis3 » Mon Jan 18, 2010 10:40 am
I wish I could pay more across to mine, but obviously I can't afford that at the moment.

My IVA and my secured loan finish within a few months of each other and I may well use some of that money to try and bring the remaining term down.

I've nothing against renting, indeed it would save me a lot of money each month if I did so, but we love our house and the area we live in and it's going to be the one thing I can leave to my daughter as we haven't got anything else!

 

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Shining
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by Shining » Mon Jan 18, 2010 10:42 am
Lovely thought Jan in respect of your daughter xx

 

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kallis3
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by kallis3 » Mon Jan 18, 2010 10:44 am
She knows that it will be hers one day (unless we sell up and move to Spain as is the current plan!), I've never managed to save anything so it's the only thing I can do.
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