I'm at a total loss what to do, I have completed my 60th month obtained a mortgage redemption statement and valuation of property, the property has been valued at £255,000 - £260,000 and outstanding mortgage is 199,750, the property is jointly owned with my son who is not in an IVA. Today I had a phone call from my ip who says I have to obtain 2 remortgage offers to release equity. I had already sent a letter explaining that due to health problems and ongoing treatment for cancer I had reduced my working hours to part time (I am 63). It is obvious I will not be able to remortgage but this gets more complicated, my son bought a flat several years ago and is in the process himself of trying to remortgage, he absolutely refuses to try and remortgage this property, if I try to remortgage it won't be accepted but will it show on his credit file? I am in such a bad place at the moment I just don't know what to do, I am not finding clear debt helpful at all.
Hello Barbara, i'm sorry but I can't answer your questions about the equity. All a bit over my head but just wanted to wish you all the very best in your treatment for the cancer. I hope you start to feel better very soon.
I can't answer your question either but I do wish you all the best with your treatment and bump this up so that someone more knowledgeable might see it. Remember that your well-being is the most important thing. Best wishes.
You should speak to your IP and explain the situation. If the property is jointly owned your son would have agreed at the beginning to any remortgage and would have signed the restriction so he cannot now just change his mind.
However it is highly unlikely you would get a remortgage and if you do apply this will affect both your credit files. You could ask your existing lender if they advance money to those in IVAs and also speak to a broker. This would avoid the need for a credit search and the damage this would do to the credit files.
