Hi all. Just had a reply from our IP who insists on using the valuation that was taken in 2007. I'm at my wits end with these people. I feel like Im being bullied into a really bad decision. Is there a regulatory body I can speak to?
I get knocked down, but I get up again. They ain't never gonna keep me down.
Hi guys. Thought you all deserve an update. Our house was officially valued at £68k, we currently owe £56k on our mortgage. From what I've read on this site I understand that leaves me with less than £5k available for release with an 80% LTV mortgage. One more request for advice, would it be prudent to approach our existing mortgage provider and another for a remortgage to make a water tight argument for the 12 month extention?
I get knocked down, but I get up again. They ain't never gonna keep me down.
Yes - this is probably what you are required to do anyway. Could you reproduce on the forum - or privately if you prefer to - the actual terms of your IVA which refer to equity releae. I remain concerned that a 2007 valuation is to be used - but this may be the specific terms of your own arrangement - in which case I would be pushing for this to be varied. No-one should have to pay five years worth of contributions into an IVA, and then raise equity which was available at the outset of the IVA on top.
Hi Melanie thanks for getting back and sorry for the tardiness of my reply but I am picking this up in work. I will post the points from the chairmans report pertaining to equity release when I get home. I cannot see any references to using a specific lender or being locked into using an antiquated property evaluation for sure. Once again I really appriciate your help.
I get knocked down, but I get up again. They ain't never gonna keep me down.
I got home to find a letter from DFD asking us to re-value our property which is obviously a good thing. I shall contact our mortgage provider and a few others to get the best offer (if any) of remortgage and submit them at the same time. In the mean time I will send DFD a holding e-mail acknowledging the receipt of the letter. Hopefully this can come to an amicable climax.
I get knocked down, but I get up again. They ain't never gonna keep me down.
