- Fri Sep 26, 2008 1:08 pm
My first question is why wait the year? I would be proactive now and start talking to your current lender an dif no joy there - an IFA about your remortgage options now and in 12 months time.
Second - what is the exact agreement you made with your IP regarding the equity - do they want equity as it was at the beginning? Have they said it will be revalued at the end? - In other words is it definately £7,500 they want - again I would act now and get something from the in writing as to how much you have to pay for the equity.
Paying equity over 12 months by contributions is not a standard in Trust Deeds - some IPs will allow you to do it - but 12 months is the max period you can extened TD by - some IPs wont entertain it at all.
Bottom line is - dont wait another year to deal with this - take the bull by the horns and then you have a year to sort rather than wait till the end and get stressed trying to sort it then.
Some IPs - where you are able to demonstrate that you have tried everything to get a re mortgage and cannot wil in some cases - and I stress only some case -can write to your creditors and ask that the equity be abandoned - it is up to your creditors- this would depend on the IP, the equity level and your being able to document the efforts you have made to get funds.