Interest only mortgage

ViolaLass

So your solution to irresponsible lending would be to let it continue?

getmore4less

The thing that is irrelevant here is the need to go repayment as you could just overpay.

How come you have this spare cash for the mortgage but cannot pay back your other debts?

Thrugelmir

stoddy2k01 wrote: »

What do you mean the IVA is not irrelevant to my circumstances. The reason why these idiots will not let me change to a Re-payment mortgage is because from 2014 our pathetic government changed the rules of lending after the stupid bankers went crazy by throwing money here there and everywhere and getting this country in to serious debt. But they were quite happy to lend me the £62000 in 2004 on my own income and as a sole buyer on my own income.

So the IVA has no irrelevance at all. It's the these idiot bankers and government who screwed the mortgages up. And with yourself being a Morgage Advisor One would think you'd know that "If your up to date with Mortgage lending.!!

The era proved that people weren't capable of managing their own finances in a responsible manner. So we've returned to an era that existed well before 2004. Blaming the banks is wearing thin now as there are many people that are using that excuse. Like the banks some people need to clear up their own act. Not least by looking forwards not backwards. Only the future really matters.

stoddy2k01

No I don't think irresponsible lending should continue; At the same time i don't think i should be restricted from changing my mortgage from an interesting only to a re-payment which would give me the option to pay the mortgage off and i do not think i should have to be penalized like i said because of the pathetic lenders.

At the end of the day i am not a lender.

stoddy2k01

As for your question; My Iva has been in place for 3 yrs and i have since met a partner and we have a joint income now therefore i or we are in a better financial position to make more payments and it's more logical to pay off my mortgage than pay off my debts which will be taken care off with having an Iva in place.

Just to add as i did state my new partner is contributing now and to be honest i don't think it's right to ask her to contribute to my debts as i feel that long term as she and myself can pay the mortgage off then this would be an investment for the both of us.

stoddy2k01

May i also add that i came here for advice not criticism and if you are not able to offer advice don't bother commenting.!!!

Thrugelmir

stoddy2k01 wrote: »

No I don't think irresponsible lending should continue; At the same time i don't think i should be restricted from changing my mortgage from an interesting only to a re-payment which would give me the option to pay the mortgage off and i do not think i should have to be penalized like i said because of the pathetic lenders.

The fact that you are currently in an IVA potentially impacts the lender. The lender has to factor this into any decision. Therefore what you think has no relevance. Best to accept it and move on.

There's nothing to stop you from making overpayments to the mortgage account for the time being. This is no different to having a repayment mortgage. At a later date when the dust has settled. You can formalise the arrangement properly.

ViolaLass

stoddy2k01 wrote: »

No I don't think irresponsible lending should continue; At the same time i don't think i should be restricted from changing my mortgage from an interesting only to a re-payment which would give me the option to pay the mortgage off and i do not think i should have to be penalized like i said because of the pathetic lenders.

At the end of the day i am not a lender.

You can achieve what you want by overpaying. Having a paddy will make no difference.

getmore4less

stoddy2k01 wrote: »

As for your question; My Iva has been in place for 3 yrs and i have since met a partner and we have a joint income now therefore i or we are in a better financial position to make more payments and it's more logical to pay off my mortgage than pay off my debts which will be taken care off with having an Iva in place.

Just to add as i did state my new partner is contributing now and to be honest i don't think it's right to ask her to contribute to my debts as i feel that long term as she and myself can pay the mortgage off then this would be an investment for the both of us.

Probably not sensible to have them(partner) create equity in your house while in an IVA and have some of that equity taken off you.

THe lender won't be happy either.

getmore4less

get yourself up to speed on the real problem

https://www.google.co.uk/#q=IVA+house+equity