www.iva.co.uk

I really know that everything is my fault before I get any unhelpful comments. We finished our iva October 2013. We got the final certificate from GT in July 2014. We are with NRAM still for our mortgage which is not good, we are interest only still and this is what we can afford at the moment. We pay £500 per month for a mortgage of 134,000. We daren't ask what our repayments would be if we went onto a repayment mortgage with nram as they are not interested in giving the lowest rates. We want to start paying off our house but cannot afford about £900 per month. Is there anything we can do at all or are we still stuck!! Think our house would only go for about 138,000 or about 140,000 looking at the houses around. So we wouldn't have much to play with. Any advice would be appreciated.

I would suggest you have a word with Ryan ( details under the "Ask a Question" tab ( top left) and scroll down to the experts details section ). He is a whole of market broker with a lot of experience with adverse credit.

NRAM are trying to lose customers through natural wastage, so would probably be a non-starter anyway.

Hi Amandadon,

You could make regular overpayments to NRam for the time being to reduce the balance of your mortgage.

We are with Nram and are interest only due to the IVA, and I looked at going onto repayment last week and was told our payments could increase from £600 to £1020! The lady I spoke to said that by making regular overpayments of £200-300 per month, this would could come straight off the balance, as the interest is the set monthly amount being paid.
We've looked into using our IVA payment per month as the over payment for now until our 6 years are up and then shop around.

The good thing about overpayments are that you choose how much you pay, when you want to pay, you don't have to do it every month and their is no financial implications when doing this (except the interest you will save in the long term, which means your monthly interest mortgage amount should reduce !! )

I should probably add that I used to work in retail banking and sold mortgages

I echo Foggys advice ...chat to Ryan and see what your options are

You have very little equity so it could be difficult to move the mortgage. Overpayments would reduce the balance and create some equity but even without the IVA a remortgage would be tricky given the low level of equity. By all means speak to Ryan who could advise better.

Is downsizing an option?

Paul

Hi Amandadon22
Can i ask, when did you enter the IVA?

One positive thing about NRAM (iirc) is that there's no caps on payments. I'm with them too, also on int-only and plan to make huge inroads into it when I come off the end of my IVA by paying every penny I can in reducing the capital.

Whilst the SVR isn't great, it will be useful to be able to decide not to make any overpayments if I need to keep some cash back for something.

Ryan, I'm a way off completing my IVA at the moment but I'd be interested to speak with you to find about more about the post-IVA process and what sort of criteria come into play. Would it be ok to have a chat with you in the interim?

Ryan is always available to advise at whatever stage of your journey ... drop him an email or call him.

thisusernameistaken - More than happy to have a chat over this. My contact details can be found nuder the Experts tab on the left hand side. Or click the website in my signature and my contact number is on this.