Clueless if I am on a good deal or not?

formidablelady

I am on a Repayment mortgage with NRAM which is at 2.99% and tracks 2.49% for the life of the mortgage. I am clueless is this a good deal? Also I am about to go on an IVA and my IP suggested that I may be able to go on an interest only deal for the 5-6 years of the IVA. Not sure if this is a good idea or not. Any advice appreciated.

smcqis

Pointless asking without your LTV

formidablelady

:embarasse Told you I was clueless. Had the same mortgage for 10 years. Was a cashback mortgage. I owe £178000 on the mortgage. The house is probably worth £277000.

getmore4less

IVA interest only just frees up more to pay the other debts.

Are you paying someone for this IVA advice there are places you get this for free.


With an impending IVA the chances of a remortgage are low, the rate is actualy OK-good.

With £100k equity won't they come after some of that at the end of the IVA?

formidablelady

Thanks Getmore4less. It sounds like the only people to benefit from me switching to interest only would be the creditors. I didn't really want to do it anyway, but it was only if things were desperate as they don't allow you very much on an iva to live on just bare minimum. They probably will come after it. We are paying about 60p in the £ back. We don't really have any other options sadly.

Dave_the_Ginger_Cat

Whilst it would be the creditors which would benefit from an increase in your disposable income, by freeing up cash and making it available, it increases your chance of them accepting your offer.

ViolaLass

formidablelady wrote: »

We don't really have any other options sadly.

Sell up and rent?