darren312 wrote:I'm considering taken out an I'VE due to the amount of debt but I'm concerned about having to mortgage near the end of the IVA. What proof do you require to prevent remortgaging to release equity. I think I would struggle to re mortgage but I don't want to be worrying for 5 years and then I'm forced to do this.
Different firms approach equity release in different ways: Some still use the pre-2014 or R3 terms which require you to attempt to remortgage or, failing that, you get a 12 month extension. Some use post 2014 terms where they add in a secured loan to the requirements (easier to get than a remortgage). So, first, ask who you are going with to explain how they treat equity release. Do not be fobbed off by, "Oh, it will probably be an extension as you won't be able to remortgage". Some are now finding out that, with unforseen changes in the mortgage market, remortgaging is again becoming a possibility that you need to be prepared for.
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