Hi, I'm currently in the lst 6 months of my IVA (started October 2010) and I'm at the stage where I'm requested to release equity from my property. Whats the likely hood of getting the requested £20,000
Thanks for the reply Foggy, thats what we thought to, but our IP's sister company has found a company called Magellan you've agreed to do the remortgage. Obivously I'm worried if the high street lenders and even our current lending wouldn't even consider us does this mean this Magellan are being irresponsible? Has anyone had any dealings with Magellan?
I've personally not heard of them - do you know what the interest rate is and how long it is over?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I suggest you speak with Shaun Vickery from Select if you must raise equity. A remortgage may not be the cheapest way to raise equity if you have to switch your entire mortgage balance to sub prime. A secured loan may be a better option whereby you raise what you need and keep your existing mortgage deal.
You may not qualify for a remortgage anyway and could be suitable for an extension but just in case I would have a word with Shaun.
Magellan are an independent mortgage lender who are regulated by the FCA and not related to any IP firm. They are a firm we deal with but their rates are relatively high compared to traditional high-street lenders. I would recommend that you look at all available options before you commit to anything.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
You are welcome although I'd encourage you to be slightly cautious in respect of your existing lender. Of course I don't know who it is but frequently individuals within a lender will make encouraging noises initially because they have targets to hit but ultimately whether they will accept an application can be pretty firmly predicted based on their own criteria.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
