Please help, I have been told to go and remortgage and I have to all the bank, in other to release equity. I was lucky with Halifax may be because the mortgage was with them, they where able to give me letter that the mortgage is not going through, which I have sent to GT, now they want me to bring another letter none of the banks are willing to do that for me they told me they will call me back I never hear from them. Please I need your help forum members.
not sure about this one sho2 but will bump it up as we too will have to go through the equity thing soon so would be interested to know what happens if you can't get 2 written refusals
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
I've often wondered about this too - likewise with a written valuation of the home!!
I've told my hubby I'm going out and when the estate agent comes round to pretend we've split and he needs the value in writing to prove it to me. Might work?? That and I couldn't bear to be there.
But back to you have you tried your bank?
*** Don't look back, you're not going that way ***
I got one from my mortgage provider and the other from the Co-Operative bank who I have my current account with. I see that you've said that none of the banks which I assume includes your current account bank will provide a letter, but when I rang mine I told them straight away what I was after which was a remortgage refusal due to being in an IVA. The chap on the phone was very helpful and he put me through to his supervisor and I received a letter from them a few days letter confirming that they don’t do remortgages for people in an IVA.
It’s a bit of a palaver as the creditors know that you won’t get a remortgage, but you have to do it anyway.
Well sensible77 - as they say - honesty is the best policy.
Very sensible too
Gonna try it when the time comes for us,
Sho2 have you tried telling them why you need it in writing?
*** Don't look back, you're not going that way ***
I totally agree with honesty being the best policy. If creditors are demanding this clause in IVAs then they will have to accept the difficulty in obtaining letters or supporting evidence from mortgage providers.
Let your IP know who you have approached and they will advise on the next step.
I know a mortgage broker who will investigate remortgage options for you and write to confirm that no funds can be raised. He charges £100 for this will is allowed to be charged to the IVA directly, if this would help.
Melanie I've still got a ways to go before I have to attempt to remortgage, however, would it be feasible for me to approach your Mortgage Broker at month 54, supply him with all financial details and let him do the footwork in order to satisfy the requirements of my Release of Equity Clause?
My reason is there seems to be some disparity between lenders on whether or not they will issue letters where a "refusal" is given and it would certainly take a lot off my mind speaking to one person instead of the time consuming and judgemental responses which we sometimes meet with from lenders......and it would also be good to know that all i would be required to do is obtain a mortgage statement, speak to one person and satisfy the full requirements of my IVA, particularly as the fee can be claimed from my IVA.......and who knows I may be able to source a more affordable mortgage.
This of course is on the assumption that the brokers search of several mortage providers would be sufficient for the purposes of two quotes in order for IVA purposes.
Last edited by Pennyless on Mon Jul 01, 2013 7:41 am, edited 1 time in total.
I came into this world with nothing and still have most of it left!
Thank you all for your replies. Nationwide is current bank, i told every bank I went to the truth, and all they told me was we will call you back even nationwide which I have my current acc with.
I think I will go with Melanie's one, please Melanie put me through so I can get it out of the way.
I went back to GT, and I was told try Internet, I did, notting came back.
Am glad I joined this forum, you have brought a smile on my face.[:)].
You will need to contact me off-lime sho2, so I can give you the brokers details.
Pennyless - I am more than happy for you to use our man at the time you need to. He will check the whole of the market to see if there are any lenders prepared to lend to you when the time comes around.
