Confused:( how to apply for equity release

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Jasmin.75

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Post by Jasmin.75 » Thu Apr 05, 2018 3:26 pm
Hi! I was advised to try and remortgage. Please help.
I received this email from Aperture

“ I can confirm that available equity greater than £5,000 was identified in your property. I must now ask that you attempt to re-mortgage your property, up to a maximum of 85% loan to value (LTV), which has been calculated as £24,057.59 (please be advised that this can be done online). If you are unable to obtain a re-mortgage, you must provide us with a rejection letter.”

How much do i apply for? The amount left on our mortgage and this £24,056.59? Is it right? I know, most likely will be rejected, i just need to send them proof of rejection but i also have to make the application right, especially the amount.
Hope you can help me. Thanks.

Lisa Thomas

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Post by Lisa Thomas » Fri Apr 06, 2018 10:17 am
Before going that far do you agree with the valuation and calculation of the equity because if you have less than £5k interest the exercise is academic and I would expect it to be able to be closed instead.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Jasmin.75

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Post by Jasmin.75 » Tue Apr 10, 2018 3:19 pm
Lisa Thomas wrote:
Before going that far do you agree with the valuation and calculation of the equity because if you have less than £5k interest the exercise is academic and I would expect it to be able to be closed instead.
Hi, Lisa! Thanks for the reply.
Yes, I actually agree with them, as i have recently had valuation.
My problem now is, whenever i try to apply for remortgage online, I don’t get any further as its always being declined but cannot get company that will give me a rejection letter. :(
Do you think it’s ok to try the mortgage advisor where my husband and i bank with? Then we would have to disclose our IVA, which is not a problem with us as long as we get this Rejection letter that Apeture is requesting.
Hoping to hear from you.

Lisa Thomas

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Post by Lisa Thomas » Tue Apr 10, 2018 3:21 pm
Send a screen shot of the rejection to your IP and ask if it's sufficient for their needs.

I would think it should be enough - they should be wise enough to it to know Debtors in IVAs can't remortgage in the normal way - this should simply be a box ticking exercise so they can then write and confirm the extension will apply instead.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Tue Apr 10, 2018 3:59 pm
Lisa Thomas wrote:
Send a screen shot of the rejection to your IP and ask if it's sufficient for their needs.

I would think it should be enough - they should be wise enough to it to know Debtors in IVAs can't remortgage in the normal way - this should simply be a box ticking exercise so they can then write and confirm the extension will apply instead.

Most IP's know that a rejection is the likely outcome and will accept a "Thanks but no thanks" screen print of an online application.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/
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