Little equity

[BlueShoes]

Hello
Does anyone have any views on adding 12 months additional payments onto an IVA to compensate for little equity in one's property? (Thus avoiding the 4th or 5th year possible remortgage)
We need to make a decision regarding our proposal.
Thanks.
Blue

[aguise]

Hi blueshoes
Just my opinion as I dont own property or understand mortgages but personally I would rather pay the extra year and leave the mortgage alone, at least at the end ther would not be a rise in mortgage payments.

Ang

[BlueShoes]

Yes Ang, that's what we were thinking.
Thanks
Blue

[BlueShoes]

The only downside is that hubby (who is in his early 40's) has to wait another year before paying into his pension again.
Blue

[aguise]

Could he maybe put extra in for a year after it finishes to restore the loss.(not much goood with pensions either.)

Ang

[BlueShoes]

Not sure. He started a new job last year, so hasn't been paying into a pension scheme for a while, although has a pension from a previous job.
If the 6 year IVA is approved he will be nearly 50 when it is completed. I understand that buying back missing years is expensive. We perhaps need to seek professional advice.
Thanks
Blue