www.iva.co.uk

I am on my journey with our IVA and have put our figure in for our mortgage as it is at the moment. However, the fixed rate deal is due to end in January 2009 when the rate will revert to the lenders standard variable. Using iva.co.uk's mortgage rate calculator, our mortgage will increase by £231 per month.

Is it possible to build this into our proposal or will we have to vary at the time when the fixed rate ends (bearing in mind that we will probably only be 6/7 months into our IVA in January)?

I don't know a lot about mortgages as I don't have one, but from reading other posts on here you should make your IP aware of the increase and they should build it into your proposal.

HI SUZANNE R U ON A REPAYMENT MORTGAGE AT THE MOMENT?IF SO COULD YOU NOT TRANSFER TO A INTEREST MORTGAGE ONLY FOR THE SHORT TERM, THAT SHOULD BRING YOUR PAYMENTS DOWN, ONLY AN IDEA, JUST A THOUGHT

BARB X

Hi - we are already on interest only (as advised by our IP) so I'll have to see if the expected increase can be factored into the proposal. Thanks x

I AM SURE LIKE YOU SAY IT CAN BE BUILT INTO YOUR PROPOSAL, WE HAD OUR FAMILY ALLOWANCE AND CAR HP BUILT IN SO OUR PAYMENTS VARY!

BARB X

The increase will have to be factored in as it is very real and very soon. This is causing a lot of people problems at the moment, and I am having to turn clients away from IVAs because they cannot afford credible payments once the increase is taken into account. Just hope that the mortgage marketplace sorts itself out soon.

Thanks Melanie, I'll have a chat with Ang/Hywel about it.