Ipa

lee316

Just been reading on this, as it is something we will have to deal with in due course. My OH went BR last Thursday, I am planing to go BR in September, as soon as I gather the fees.
The question I have is , as our house is eventually going to get reppo'd, and our council is not very hopeful of getting us a place, we will have to rent. But how can we save the required deposit and a afirst month's rent if 50 to 70% of our disposable income will go on IPA?
Will that be something that we can discuss with OR, as we still waiting for an interview with them.

peachyprice

When you do your SoA you still include the amount your mortgage payment is, you then put this to one side until you have enough for a deposit.

HTH

lee316

Thank you Peachy,is that even though we are not actually paying the mortgage, as we are in arrears with those?

peachyprice

Yes, the money will still be going towards future living costs.

Also if you change your mind and decide not to let the house be repo'ed you would be in a position to pay back the arrears.