We switched our mortgage form repayment to intrest only in September 2008, to reduce outgoings. This was agreed for 12 months. My question is, any IPA will be based on the interest only amount, will the OR reassess the figures when mortgage reverts to repayment?
The IPA will always reflect your particular personal circumstances, if this change such as an increase in mortgage payment just get in touch with the OR and they can re look at the figures.
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
What if we reverted it back to repayment earlier, obviously it would be in our interest to pay additional funds available into out mortgage rather than in to IPA.
If you could afford a repayment mortgage i would advise you to do switch to this now, as at the moment on an Interest only mortgage you are not reducing the capital in any way and as you suggest it is far better to ensure you repay your mortgage
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
We switched our mortgage form repayment
Posted - 16 March 2009 : 13:33:19
