Our 5 year arrangement with Kingsgate ends in December this year, we did have an equity clause but the company looking into for Kingsgate were unable to proceed with it as we didnt meet the lending criteria. As we cannot obtain a re mortgage deal yet, it looks like a 12 month extension.
Bit of a bummer as it means we are 1 year away from re mortgaging and getting back on track but its only 12 payments I suppose!
As Foggy says, almost certainly cheaper in the long run... and in 12 months time you will have ALL of the equity you have worked so hard to get (and keep).
