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Posted: Tue May 07, 2013 11:31 pm
by sandee
when they say remortgage do they mean a new mortgage or do they mean equity release
Posted: Tue May 07, 2013 11:44 pm
by luluj
Equity release i believe .... For specific case advice your IP is best sited to give you accurate advice.
Posted: Fri May 10, 2013 12:30 pm
by sandee
oh dear I thought they meant a new mortgage thankyou for your reply
Posted: Fri May 10, 2013 3:22 pm
by grasshopper
it would be increasing your existing mortgage to raise the funds as detailed in your IVA proposal to a maximum of 85% LTV
Posted: Fri May 10, 2013 4:21 pm
by sandee
thanku but I don't have a mortgage and its joint owned b my partner. will have to ask ip I think
Posted: Fri May 10, 2013 4:31 pm
by ClareSilver
Is the mortgage in joint names? If so, it will only be your share of the equity not your partners.
Posted: Fri May 10, 2013 4:46 pm
by sandee
no mortgage
Posted: Fri May 10, 2013 4:50 pm
by ClareSilver
OK, so you own the property outright jointly with your partner? If this is the case, then you will need to apply for a mortgage for equity release (based on your share of the equity only).