Melanie
This was my point with SIVA's - I was hoping that there would be plans to release any equity six months in.
This would allow the borrower to achieve a fairly decent product for the SIVA five years (as there would not be any affordability issues) with a six year fixed rate, thereby giving stability during the course of the SIVA and also for the year after the SIVA had completed, allowing them to get a standard product at the end of the fixed term.
Annoyingly we had half designed the product and had two lenders interested, but obviously our plans had the bottom kicked out of them with the realisation that there was no plans to release the equity at an early stage of the SIVA.
Never mind what brokers earn from the remortgaging (I would say that, wouldn't I) think of the costs to the applicant.
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