However today I have received a letter to advise their initial review indicates that I should be able to release equity and they have referred my case to a specialist broker, The Select Partnership. Who are these and why after first letter are they now saying this?
My house was valued at around £115,000 and my mortgage is £55. What would the remortgage I have to pay. Bearing in mind I have paid back £0.94 in the £1.00 of my debt.
If they do find a remortgage deal, your possible defence could lie in the exact wording of your equity release clause. For instance, if it says, if you produce 2 rejections for a remortgage the extension will apply -- you have complied with the agreed terms (might take a bit of an arguement!).
Slekclarke wrote:If they could find me a re-mortgage, how much would it be for? If I have the 12 month extension I would pay back £8,592. And bear in mind I would have paid back at least £0.94 in the £1 of my debt. My Equity in total is around £55k. So how much would they make me remortgage for?
The ceiling figure is however much it would take to pay back the full debt plus fees. This is also limited by caps on repayment in your terms: They cannot ask you to repay more than 50% of your current monthly IVA payments towards the extra lending. nor can they propose a term longer than the existing term or which will take you past state retirement age (depending on how your clauses are worded). Finally the total lending cannot exceed 85% LTV.
Slekclarke wrote:I have looked at my IVA terms, and it states a re-mortgage of £8145 or 12 months extension so does this mean I can't be expected to re-mortage for anything more?
Thanks for your help
If that is the stated figure, rather than an estimate, I would think so.
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