equity release - again ...

[kah]

How early can you do equity release in the 4th year? And then what is the meaning of in the 4th year? I'm looking at minutiae because I will be near retirement age when my IVA reaches the end of 5 years. I'm wondering if as early as possible an equity release would help me sort this out and have a realistic mortgage.

[Andrew Graveson]

Hi kah,
I think that the exact point at which the remortgage takes place will be a decision to be made between your IP and yourself, but it would usually follow the end of the 4th year of your arrangement.
The full remortgage process might take a couple of months so it would not be sensible to leave it too late.
With regard to retirement age there are plenty of lenders to whom this will not be an issue provided that you can demonstrate that your new mortgage arrangement will be affordable.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[MelanieGiles]

If your proposal says "during the fourth year", the you can start to do this from the beginning of that year.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
I always think that there is something wrong in someone having to run a mortgage after their retirement date.
Maybe we need to see both a maximum of 60% of disposible income and the mortgage to run no further than the persons retirement age when arranging to release equity for an IVA.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

That suggestion would definately get my support Andy - and I try to limit this where possible in my own proposals.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[mikebdomain]

I agree with that Andy - would be a good idea

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