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We are now 2 years into our IVA. Just before we entered into this we had a mortgage broker arrange an interest only mortgage as a last hope to sorting our rising debts out. Unfortunately last November the repayments went sky high due to a clause that we hadn't noticed when we signed up. Since then the payments have increased dramatically. We have just submitted the second income & expeniture form in July and have not yet heard back and today yet another increase of £95 per month - we cannot possible afford this! Do we go back to our IP again! or can I try and change this for possibly a better deal.
Please help!

Given the state of the sub-prime mortgage marketplace at the moment, it may be difficult to get a better deal, but certainly worth a try. Current predictions are that the market have kneejerked a little, following adverse reaction from the US, but that things may settle in a few months time. Why not approach a specialist broker with detailed independent knowledge of the market to see if they can get you a competitive quote. It does not cost anything to seek advice.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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Hello jillybean

I'm no expert and there are other people who post on this site who will be able to give better advice than me. My perception of the market , however, as a layman is that I doubt that you would find a noticeably cheaper deal than the one on offer.

The main purpose of my post is, and its a current theme with me,what actually ties you to this house that you appear not to be able to afford. Have you really thought about this and researched what you could get if you rented?

It's not the right thing for some people to do but too many overlook this option, and when they take it it opens up all sorts of horizons.

Hi Jillybean

You need to talk to a couple of mortgage brokers TODAY; your situation may well have changed. E.g. If your previous mortgage was (in any way) loaded because of your previous credit status, you may have been put with a sub-prime lender whose rates increased substantially after the fixed rate period.

If you have made all your mortgage payments over the last twelve months, you are on the road to recovery as far as repairing your credit status with mortgage lenders is concerned. There is more than a fair chance that you will be able to beat the rate you are currently on.


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LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

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Thank you all for your advise. I will contact Leybridge to see if they can help.