www.iva.co.uk

can someone explain how this works into paying more in your iva please
ta
and do you need some sort of endowment to cover the repayment part

thanks [:)]

Sorry - I don't understand your question. Am I being thick or could you reword your query please?

Fuzzy, are you asking about changing a repayment mortgage to an interest only mortgage to pay more money into an IVA?

Ah yes Viki - I can see the point now. Thanks!

An interest only monthly mortgage payment will be lower than a repayment payment, given that you are not actually repaying any of the original loan. It an be a dangerous thing to enter into, as your property will never therefore be owned by you, and at some stage the lender will want their money back. However, as a temporary measure to fund higher IVA payments - in order to make an IVA viable - it possibly could be a sensible option for you, but a lot of lenders are now asking for a tool of repayment to be in place.

I suggest that you have a chat with your lender to see what your options are.

cheers melanie you have answerd my question im currently in a deal with my lender which is nearly up for renewal
and i was considering this option for the next 5 years

sorry for the poor explaination in first post