change of mortgage but have IVA?

gixer4444

hi im after changing my mortgage to a pay weekly or a one account style mortgage basically to get the years off it. i taken out a 3 year fixed 100% mortgage in march 2008 its an interest only so im not paying no capital and its over 40 years!! i taken it just to get on the ladder basically. the
mortgage was £84000
app fees £2500
so i have negaitive equity straight away and the early redemption fee would be £2500.
i havent set up no endownment, but what i have done is started paying an extra £50pcm on top of my mortgage payment. just to top it off i started an IVA due to debt, but now im comfortable with my out goings and want to sort my mortgage out to start working towards getting it paid up. does anyone have any miracle ideas on what i could do to achieve this or am i stuck for at least the next 6 years til my IVA is paid up and my credit is better?
thanks

CloudCuckooLand

No point incurring a £2.5k fee to get out of it with only a year to run, imo.

Check the limits on overpaying, maximise that, it could have the same effect in cutting years, if you speak to your lender.

VIGILANT22

Currently no lender will consider you

_Andy_

As stated above you have no options with other lenders due to

1) No or minus equity
2) Serious adverse credit
3) Pure interest only

You need to overpay as much as you can and think long-term about your plan here. You may be 'on the ladder' but currently you own zero percent of the property and in any case won't be able to go 'up the ladder' for a long long time.
I would suggest posting a SOA on the 'Debt Free Wannabe' forum.

beecher2

Could the OP ask to be changed to a repayment mortgage?

_Andy_

They could but sounds like it might not be affordable at the moment.

gixer4444

thanks for the replies, i thought as much. ill have to ask my lender see what/if they can do anything for me.

by the way whats a SOA?

beecher2

A statement of affairs. You can use http://www.makesenseofcards.co.uk/soacalc.html to produce one