Confused:( how to apply for equity release

5 posts Page 1 of 1
User avatar
Jasmin.75
Posts: 17
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.
User avatar
Lisa Thomas
Industry Expert
Posts: 6869
Contact
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.
User avatar
Jasmin.75
Posts: 17
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.
User avatar
Lisa Thomas
Industry Expert
Posts: 6869
Contact
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.
User avatar
Foggy
Forum Expert
Posts: 26893
Contact
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.
5 posts Page 1 of 1
Return to “equity release”

Who is online

Users browsing this forum: No registered users and 1 guest