The time has come that we have to look in to equity release!
Cant believe it. But. This is a nee part of this process and I will have to dig out our original T&C's.
You older members will remember we set up IV a with Mel but got changed to Creditfix.
We did not sign their revised T&C's so should remain on our original ones which clearly state 'Remortgage'. No mention of secure loan.
We have been told we have been referred to a team called Select Partnership. Has anyone any experience of this company? Reviews are mixed and lots of forums mention 'pressure' and 'significantly increased payments'.
Bit worried as we had been doing ok.
I understand we have to try and release equity. And there will be equity im sure. I understand its the whole 85% LTV amd £5,000 each malarky (although I did when we first discussed it!!!!!)
I have always believed we wouldnt get passed for a remortgage but if theres a company hired to sort it and who will
no foubt be paid bonus for customers etcI feel we will be pressured into a decision amd wont have a leg to stand on.
If they find a mortgage for us wha figures will it use? What sort of value do you remortgage using?? Are we commited to having to accept a remortgage deal or can we choose to pay an additional 12 months instead? I have always though we wouldnt get a mortgage due to credit rating and it will be the payments but as theres a specific chosen company involved I fear they will find one but it wont be in our best interests.
Can any give any advice so Im prepared for when the letters and phone calls start amd knkw where I stand.
Others have mentioned taking secured loans to end the IVA 'early' but many haven't seen the benefit of doing so as the IVA will still appear on your credit reports for the full 6 years.
All the best with however you decide to proceed.
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