I am now at that stage in my IVA that I have been asked to release equity from my house, I have approx. £100k of equity jointly shared with my wife who isn't part of this IVA but after reading the original proposal papers (2012) I have noticed that an equity release sum has been specified at £6k.
there is no specific statement on the proposal that this amount will be changed but obviously my equity has increased since then, have any of you seen this before and am I within my rights to insist that the £6k figure be adhered to?
I realise that re mortgage is unlikely but due to the large equity it might be possible so I need to get all of my facts in order before arguing the case for sticking to that sum instead of winding up with a £30k remortgage.
I suggest you contact Shaun Vickery from Select who posts here as he has access to these type of products and then in a couple of yeasrs when your credit file has cleared up you can look to remortgage the lot if you want to.
Or getting a third party to 'gift' you a sum equal to the amount £6k or one years worth of contributions, whichever is correct, and do a full and final offer instead.
However, as Lisa mentions, the usual clauses allow for a 12 month extension instead of remortgaging, as long as you have tried, and failed, to remortgage --- perversely, the higher the figure thay ask for the harder it will be to get it.
At the moment I would concentrate on getting a couple of refusals and go for the extension.
As has already been mentioned re-mortgaging for many people isn't an attractive option as it would mean moving your whole mortgage to possibly a much higher interest rate than you are already paying but it's obviously down to whatever option you feel suits you best.
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