I have seen a number of re-mortgage questions recently and Brightside Mortgages were mentioned (I think). I rang Brightside Mortgages and were told that they had been bought out by Spire Mortgages. Is there still a Brightside Mortages and does anybody know of any other companies that could offer a re-mortgage. It is no go with my current lender (Northern Rock) as I have been put in the bad people's bit.
It seems that if I could re-mortgage and only raise a £1000 then I would have fulfilled my obligations, but a year extension would mean another £15k of payments. I am contemplating going for a variation to offer them a lump sum at the end of year 5, assuming that I can get it from a family member, in lieu of the extension.
Any thoughts on this from anybody?
We initially offered £3k of equity by way of proceeds of re-mortgaging, but this was amended to say that the debtors must re-mortgage in the 4th year and make the proceeds available for the benefit of the creditors. If the debtor is unable to obtain a re-mortgage the arrangement may be extended by 12 months in order to allow contributions in lieu of equity.
This seems very open to interpretation as there is no actual specified amount of equity to be released. It just states that a minumum dividend of 48p in the £ should be achieved.
if i cannot re-mortgage to release equity another 12 months will be added.
then it states if equity is less than £5000 then this is de-minus and will not be reason to fail iva.
i take it that if i only have £5000 or less equity then i dont have to re-mortgage and i wont have to do an extra 12 months.
its laid out a lot better than i explain it but thats the way i read it.
i think the release of eqity at the minute is a bit of pie in the sky on the creditors part but they must feel a bit better if they make you try and release it.
fair enough i suppose
In summary my understanding is that I get the valuation and show that I have made efforts to re-mortgage. If there was any value that I could gain from re-mortgaging (up to 85%) but cannot due to the current environment, they could ask me to extend for a period to gain this via additional months of payments not carte blanche 12 months. If there is no equity they should not be able to ask for an extension just to gain more payments out of me.
I assume that they asked for the amendment from the initial £3k that was offered as the markets were different in 2006 and they would have hoped for a higher contribution following a re-mortgage in 2010. Who was to know that there would actually be less equity!
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