Select Partnership?

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catherine826

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Post by catherine826 » Tue Nov 20, 2018 6:22 pm
I've been in an VIA Grant Thornton/aperture since October 2013. I have sent all paperwork required including refusal letter from my mortgage company to remortgage to release equity. My final payment is this month and I have only just heard, after chasing Aperture myself that they have referred my case to Select Partnership to attempt to release equity. What does that mean ? I thought in would just pay an extra year ?

Foggy

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Post by Foggy » Tue Nov 20, 2018 7:11 pm
catherine826 wrote:
I've been in an VIA Grant Thornton/aperture since October 2013. I have sent all paperwork required including refusal letter from my mortgage company to remortgage to release equity. My final payment is this month and I have only just heard, after chasing Aperture myself that they have referred my case to Select Partnership to attempt to release equity. What does that mean ? I thought in would just pay an extra year ?
Select will see if a remortgage is, indeed, not available from any other source. As you are on pre 2014 terms (assuming you have a standard protocol agreement) a secured loan cannot be forced upon you, bur Select will explore that avenue and give you the figures --- you do not have to accept, but some people have, when compared to the extra year --- they just like to give you the option. It could be that, at the end of the day, they recommend that neither option are viable and the extension will therefore apply.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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kallis3

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Post by kallis3 » Tue Nov 20, 2018 7:17 pm
Unless it states in your IVA you do not have to take a secured loan.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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catherine826

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Post by catherine826 » Tue Nov 20, 2018 8:11 pm
Select will see if a remortgage is, indeed, not available from any other source. As you are on pre 2014 terms (assuming you have a standard protocol agreement) a secured loan cannot be forced upon you, bur Select will explore that avenue and give you the figures --- you do not have to accept, but some people have, when compared to the extra year --- they just like to give you the option. It could be that, at the end of the day, they recommend that neither option are viable and the extension will therefore apply.[/quote]

Thank you so much for your reply, i was sent into a blind panic having got to the end of the 5th year and thinking the end was in sight. Yes it's a standard agreement with no mention of secured loans.

catherine826

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Post by catherine826 » Tue Nov 20, 2018 8:14 pm
kallis3 wrote:
Unless it states in your IVA you do not have to take a secured loan.
Thank you, it's not stated in my IVA. I'm very relieved. Although they have not told me to continue to make payments even though I have just made the 60th, I figure I should still do so ?

kallis3

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Post by kallis3 » Tue Nov 20, 2018 8:29 pm
I would do so unless informed otherwise.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

catherine826

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Post by catherine826 » Wed Jan 23, 2019 10:08 pm
I had a telephone interview with Select, they asked about my current mortgage provider and as the interest rate with them is low, said that the mortgage I have with them should stay. As I am only able to pay to the interest on this mortgage I thought that the mortgage would be to cover the whole of the mortgage I have plus any equity release sum.

It sounded like they were looking at me having a mortgage separate mortgage for the equity release which would mean I probably would still only be paying the interest and nothing towards the original mortgage. Does that make sense and does that sound right ?

Foggy

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Post by Foggy » Thu Jan 24, 2019 7:58 am
catherine826 wrote:
I had a telephone interview with Select, they asked about my current mortgage provider and as the interest rate with them is low, said that the mortgage I have with them should stay. As I am only able to pay to the interest on this mortgage I thought that the mortgage would be to cover the whole of the mortgage I have plus any equity release sum.

It sounded like they were looking at me having a mortgage separate mortgage for the equity release which would mean I probably would still only be paying the interest and nothing towards the original mortgage. Does that make sense and does that sound right ?
It sounds like they are saying that a remortgage would not be in your interests. They might look at the possibility of a secured loan, which you might not have to take, depending on which version of terms you have signed up for.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

catherine826

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Post by catherine826 » Mon Jan 28, 2019 5:49 pm
So it looks like I'm being pushed to take a 2nd charge mortgage to cover £3723 equity release paying over 116 months, £78.50. Interest is over 8%

Surely this isn't in my best interest to tie me into more debt for that length of time when I still need to pay money into my mortgage which has been interest only for 6 years.

Can I refuse this or because they are calling it a 2nd charge mortgage, I have to take it ?

I have paid 2 months over my original term as I thought I would just have an extra 12 months to pay. Feel completely devasted right now.

Foggy

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Post by Foggy » Mon Jan 28, 2019 6:04 pm
If you have the pre- 2014 terms, saying remortgage or extension only they cannot force you to accept a secured loan (which is what they are talking about). Speak to Select -- they are normally quite open and transparent.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Shaun Vickery

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Post by Shaun Vickery » Mon Jan 28, 2019 9:06 pm
Hi Catherine. I'm the Managing Director of The Select Partnership. If you'd like to contact me by email shaun.vickery@theselectpartnership.co.uk I'll be happy to take a look at this for you.
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/
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