I am trying to get a remortgage to release equity to offer a full and final

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by steve509 » Sun Sep 10, 2017 7:25 pm
I am trying to get a remortgage to release equity to offer a full and final offer to close iva. current value 88000 to 91000 current balance of mortgage is 44066 currently paying 202a month mortgage with Halifax 544.93 I am on dla and my wife is full time work for Tesco but come March she is going to 4days a week as she is finding the work tiring and no energy so will be dropping pay she as a small pension of 8216.00 less tax when she turns 55 could we offer this as a full and final as working out the payments 36x202=7272 including the extra 12 months equity as all I have been offered is a secured loan of 9000 any help will be appreciated thanks sorry I am long winded
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by Foggy » Sun Sep 10, 2017 8:20 pm
You won't be able to use equity release to fund a full and final, as you will need to do this anyway (release equity, or attempt to) towards the end of the IVA, so you are effectively offering them money they are going to get anyway. The same applies to the pension lump sum -- if she draws this it would be payable as a windfall. There is a possible work around on the pension issue -- she would be better off delaying any draw down of lump sums until she is out of the IVA -- but, she could OFFER to draw down "early" for the purposes of a F&F (no agreement to the F&F no draw down).

Shaun Vickery, a mortgage broker who posts on the forum, might be able to assist with early equity release to raise a F&F, but this would depend upon your individual circumstances. You can contact him through the link on his profile page here: memberlist.php?mode=viewprofile&u=22837
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Michael Peoples
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by Michael Peoples » Mon Sep 11, 2017 8:41 am
You could consider taking the loan if creditors accept it as a full and final offer. Then when the pension pays out you could use the funds to clear the loan so that is another option. I agree that speaking with Shaun Vickery would be a good idea.
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