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Overpayments on Mortages during IVA
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leanne2402
Posts: 19 Forumite
in IVA & DRO
Quick question.
As the interests rates have gone down and i'm moving on my SVR soon, which is a lower interest rate than the fixed one, i was wondering if overpayments are allowed during your IVA?
Have been payinh x amount for 2 years now, can afford it and have worked it into my budget during the IVA. I would like to keep payments the same (so not changing my standing order), and in effect over pay. I had a look at the IVA paper work and it states that my mortage payments are unlikely to change when my fixed rate ends.
I would like to overpay, as it means that when things start to go back again, we have a little le way, and IF we are able to re-mortage later, the amount needed will be less (as at the mo i will need a 95% LTV as house value has gone down).
And advice will be great, and i hope that makes sense.
Leanne
As the interests rates have gone down and i'm moving on my SVR soon, which is a lower interest rate than the fixed one, i was wondering if overpayments are allowed during your IVA?
Have been payinh x amount for 2 years now, can afford it and have worked it into my budget during the IVA. I would like to keep payments the same (so not changing my standing order), and in effect over pay. I had a look at the IVA paper work and it states that my mortage payments are unlikely to change when my fixed rate ends.
I would like to overpay, as it means that when things start to go back again, we have a little le way, and IF we are able to re-mortage later, the amount needed will be less (as at the mo i will need a 95% LTV as house value has gone down).
And advice will be great, and i hope that makes sense.
Leanne
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