tied in to NR Mortgage until January but thinking of BR or IVA - what can i do?

DotNetter

Hi all

I have a NR Together mortgage and I'm looking at either an IVA or BR I think - spoke with CCCS and filled in their form online and they suggested IVA but then I amended a few of the figures and it changed to BR and then I changed some more and it shifted back to IVA so I would guess I'm borderline on IVA to BR.

My brother pointed out last night that I am currently on a fixed rate mortgage until January 1st 2010 of 6.19% and that when this comes to an end I will either revert to NR's standard variable rate or I will have to remortgage and negotiate a better rate.

My problem is that although the NR standard variable rate is currently 1% less than I'm paying (approx) if the interest rates go up over the next 5 years to what they used to be I'll be in trouble again and with an IVA in place I won't be able to keep up with the agreed payments and with BR I won't be able to get another competitive rate with another lender!

I know I'm asking a lot of different questions on this thread (via different posts) but I'm trying to keep all of my questions separate so that they can maybe be answered easier.

Cheers,


Wayne

tigerfeet2006

If you go BR then you won't be able to remortgage with another lender and will have to go on NR's basic rate.

If you decide to stay in the house and then you can't afford the mortgage at a later date you can let the house go and the shortfall after sale will go into the BR anyway.

DotNetter

tigerfeet2006 wrote: »

If you go BR then you won't be able to remortgage with another lender and will have to go on NR's basic rate.

If you decide to stay in the house and then you can't afford the mortgage at a later date you can let the house go and the shortfall after sale will go into the BR anyway.

Already in contact with CCCS and have phone-appoinmtnet booked in for next week to discuss IVA initially.

Cheers,


Wayne