Our Fixed rate ends Jan 2011 too and we will also be on the SVR as of then. NRAM have said exactly the same to me basically implying that no other fixed rates will be offered and i might aswell apply anywhere else as NR are seperate companies now.
Having made my mind up that remortgaging ain't gonna happen i can't help but think i've just got to stick the SVR out until this IVA is over with. What are your thoughts???
Just wanted to ask aswell have you been told that you will need to go on interest only for the IVA proposal to be offered?? I've seen on some sights that mortgage companies are reviewing interest only mortgages and not allowing them to go ahead for long periods ie 72 months ???
I don't think NRAM has a banking licence so cannot sell any banking products.
I do find it surprising that creditors accept 12 months in lieu of equity, surely better from their point of view is to offer a secured loan for their share of the equity.
Ive read alot about Northern Rock asking people who have them as creditors to go onto intrest only.
But not everybody seems to have been asked to from what ive read on here.
Our firt payment is due begining of Dec, but in our proposal regarding equity is that it states on ours that any equity release would not cost more than 50% of our current payments.
To be honest the way things are going i cannot see anybody whos in a IVA getting any equity release when you see young couples with a super clean credit file and they cannot even get a mortgage.
Im quite happy to pay a extra 12 payments in lieu of no equity release, i think they (the creditors)know you dont stand any chance of borrowing any more money so they except the 12 extra payments.
With regards to mortgage rates im guessing they wont go up too quickly over the next 5 years because, low intrest rates win votes and i feel with another election due in 5 years?, they will want to keep them under control. Thats my theory on it, will let you know if im wrong in 5 years!!!!!!!!!
I think that anyone with the equity clause can't have payments more than 50% of the IVA.
I'm quite happy to pay the extra 12 months - I think the creditors are just happy to get a return, and don't forget that the vast majority of debts will have been sold on and whoever bought them - usually for peanuts - will be making a profit.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
my fixed rate ended in sept which meant a £100 reduction in repayments had my annual review today and was told that i did not have to pay anything extra even though my bills have not gone up by much
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have been told by my IP that I need to pay 50% of my mortgage saving into the ive. It must depend on the IP or the proposal.My IVA was accepted in 2008.
