Posted: Mon Sep 15, 2008 8:37 pm
If you have default notices and ccjs against your record,will you struggle to do a equity release?
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Posted: Mon Sep 15, 2008 8:39 pm
Not necessarily, but the poorer your credit rating the more difficult it will be to find borrowing at a favourable interest rate.
Posted: Mon Sep 15, 2008 10:36 pm
MelanieGiles wrote:Never mind a favourable rate,any rate will be hard to come by.
Not necessarily, but the poorer your credit rating the more difficult it will be to find borrowing at a favourable interest rate.
Talking of which Mel,could an Ip force you to accept a really unreasonable rate of remortgage to release equity??
Posted: Mon Sep 15, 2008 10:45 pm
Hi
The ability of remortgaging is all down to affordability.
The recent protocol stated that the extra cost of the remortgage should cost no more than 50% of your disposible income[IVA payment]A higher rate will mean a higher payment so if this becomes unaffordable then you will not have to remortgage.
Regards
The ability of remortgaging is all down to affordability.
The recent protocol stated that the extra cost of the remortgage should cost no more than 50% of your disposible income[IVA payment]A higher rate will mean a higher payment so if this becomes unaffordable then you will not have to remortgage.
Regards
Posted: Mon Sep 15, 2008 11:08 pm
IPs cannot force their clients to do anything that they don't want to - and as Andy says there is an affordability safetynet within this provision, which is really quite fair.
Posted: Tue Sep 16, 2008 6:49 am
Thanks for the answers folks.
Posted: Mon Apr 20, 2009 10:15 am
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