Re-Mortgage during your IVA

Hi,

My wife and I are currently 2 3/4 years into our IVA, in April this year (2008) are mortgage was due to be released from a fixed rate which would of put our payment up by another £70 per month which we could not afford within our IVA.

Our IVA is through Payplan - whixh was the best one at the time for our IVA, i contacted them and asked them what we should do, they told me to contact there sister company as they look after IVA people for re-mortgaging. So we did and we were able to re-mortgage our house and even take out £12,000 to pay off my wifes IVA leaving us with mine, we entered into a 2 year fixed rate which keeps are payments to a level for 2 years but it will also allow us to remortgage again after the fixed term so that the IVA will get there part of our house (as per the agreement)

The mortgage deal we got was not the best, we did not get the worst rate but it still came in lower than our old company would have if we had taken there deal - our new Building S, charged us £2000 for it - which we added onto the term along with all the fees that we needed to pay out.

Question: Was it worth doing

Yes it was, it paid off my wifes IVA plus it fixed our payments until 2010

Anything is possible!:T

Sorry for talking to long..

C.