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  • FIRST POST
    • rachelleigh73
    • By rachelleigh73 10th Mar 17, 12:40 PM
    • 27Posts
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    rachelleigh73
    More 2 Life Equity Release Lifetime Mortgage
    • #1
    • 10th Mar 17, 12:40 PM
    More 2 Life Equity Release Lifetime Mortgage 10th Mar 17 at 12:40 PM
    Hi all

    As previously posted we are unable to secure a conventional mortgage. Several IFA's have suggested the equity release route for us - and More 2 Life have emerged as a possible lender for us.

    Does anyone have any experience of them?

    Many thanks
Page 1
    • rachelleigh73
    • By rachelleigh73 14th Mar 17, 3:12 PM
    • 27 Posts
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    rachelleigh73
    • #2
    • 14th Mar 17, 3:12 PM
    • #2
    • 14th Mar 17, 3:12 PM
    *Bump* please - we need all the help we can get atm
    • dunstonh
    • By dunstonh 14th Mar 17, 3:50 PM
    • 88,374 Posts
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    dunstonh
    • #3
    • 14th Mar 17, 3:50 PM
    • #3
    • 14th Mar 17, 3:50 PM
    What does your IFA say about them?

    Have you asked the IFA to show you their research if you have concerns? (that will show their filtering process to lead to their recommendation).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Missmarch17
    • By Missmarch17 21st Mar 17, 5:37 PM
    • 18 Posts
    • 3 Thanks
    Missmarch17
    • #4
    • 21st Mar 17, 5:37 PM
    • #4
    • 21st Mar 17, 5:37 PM
    I am not a financial advisor but the daughter of someone who took out a lifetime mortgage equity release and I would strongly advise against them.
    My dad borrowed 15k and has since passed away, with interest there is now a little over 16k owing.
    However now the company (aviva) have total control of that property, I am unable to sell it, remortgage or take out a secured loan on it to pay the money back. So although i should own about 90% of the property, the only people with any power over it are aviva, who 'own' less than 10%.
    • AnotherJoe
    • By AnotherJoe 21st Mar 17, 5:44 PM
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    AnotherJoe
    • #5
    • 21st Mar 17, 5:44 PM
    • #5
    • 21st Mar 17, 5:44 PM
    Why can't you pay the £16k off ?
    • ViolaLass
    • By ViolaLass 21st Mar 17, 6:01 PM
    • 4,978 Posts
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    ViolaLass
    • #6
    • 21st Mar 17, 6:01 PM
    • #6
    • 21st Mar 17, 6:01 PM
    I am not a financial advisor but the daughter of someone who took out a lifetime mortgage equity release and I would strongly advise against them.
    My dad borrowed 15k and has since passed away, with interest there is now a little over 16k owing.
    However now the company (aviva) have total control of that property, I am unable to sell it, remortgage or take out a secured loan on it to pay the money back. So although i should own about 90% of the property, the only people with any power over it are aviva, who 'own' less than 10%.
    Originally posted by Missmarch17
    So they're actively blocking you from repaying? Why?
    • dunstonh
    • By dunstonh 21st Mar 17, 6:13 PM
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    dunstonh
    • #7
    • 21st Mar 17, 6:13 PM
    • #7
    • 21st Mar 17, 6:13 PM
    However now the company (aviva) have total control of that property, I am unable to sell it, remortgage or take out a secured loan on it to pay the money back. So although i should own about 90% of the property, the only people with any power over it are aviva, who 'own' less than 10%.
    You can sell it. That is never a problem with equity release.
    You cant take a secured loan on it as there is already one.

    I am not a financial advisor but the daughter of someone who took out a lifetime mortgage equity release and I would strongly advise against them.
    There is no problem with them. Some of the 80s versions can be poor by modern standards but modern equity release is fine and Aviva are a major product and none of what you so is consistent with modern equity release.

    So, either your understanding is not quite correct or there is an issue.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Missmarch17
    • By Missmarch17 21st Mar 17, 6:45 PM
    • 18 Posts
    • 3 Thanks
    Missmarch17
    • #8
    • 21st Mar 17, 6:45 PM
    • #8
    • 21st Mar 17, 6:45 PM
    Because I'm not lucky enough to have 16k laying around in my bank account.
    • Missmarch17
    • By Missmarch17 21st Mar 17, 6:49 PM
    • 18 Posts
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    Missmarch17
    • #9
    • 21st Mar 17, 6:49 PM
    • #9
    • 21st Mar 17, 6:49 PM
    Well if I am misunderstanding, so are the probate and conveyancing solicitors and estate agents.

    I cannot do anything with the property e.g. lend on it to repay the money, or sell it to repay the money.

    Aviva will not allow me to have my name on the deeds until they are paid, but I can't pay if they refuse my name on the deeds, its a vicious circle.

    Aviva can sell it however, with or without my permission 12 months after the date on which my dad died.

    I have a mortgage offer but it can't proceed any further as the conveyancing can't complete without approval from aviva.
    Last edited by Missmarch17; 21-03-2017 at 6:54 PM. Reason: Additional info
    • dunstonh
    • By dunstonh 21st Mar 17, 7:06 PM
    • 88,374 Posts
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    dunstonh
    Aviva will not allow me to have my name on the deeds until they are paid, but I can't pay if they refuse my name on the deeds, its a vicious circle.
    And here we have it. You are not the owner. The estate is the owner.

    As you are not the owner, you cannot sell the property. You cannot borrow against the property.

    Technically, you need to buy the property out of the estate. If you are the sole beneficiary of the estate then it should just be a case of arranging a mortgage to buy the property with Aviva being paid upon completion.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Missmarch17
    • By Missmarch17 21st Mar 17, 7:55 PM
    • 18 Posts
    • 3 Thanks
    Missmarch17
    I am the sole beneficiary, probate has been granted, mortgage offer has been sent..........solicitor cannot move forward without consent from aviva, aviva will not give the consent. The mortgage offer is an amount to repay aviva who were named on the application and a bit to redecorate the house and pay off a car loan I have.
    • ViolaLass
    • By ViolaLass 21st Mar 17, 8:14 PM
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    ViolaLass
    Well if I am misunderstanding, so are the probate and conveyancing solicitors and estate agents.

    I cannot do anything with the property e.g. lend on it to repay the money, or sell it to repay the money.

    Aviva will not allow me to have my name on the deeds until they are paid, but I can't pay if they refuse my name on the deeds, its a vicious circle.

    Aviva can sell it however, with or without my permission 12 months after the date on which my dad died.

    I have a mortgage offer but it can't proceed any further as the conveyancing can't complete without approval from aviva.
    Originally posted by Missmarch17
    You've given more than one reason for not being able to pay. Which is it?

    For example, why do you need your name to be on the deeds /before/ you pay? Why can't it be simultaneous?
    Last edited by ViolaLass; 21-03-2017 at 8:17 PM.
    • Missmarch17
    • By Missmarch17 21st Mar 17, 8:20 PM
    • 18 Posts
    • 3 Thanks
    Missmarch17
    I have no idea.......its what the solicitor is telling me, because that's what the land registry are telling him.
    • AnotherJoe
    • By AnotherJoe 21st Mar 17, 8:24 PM
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    AnotherJoe
    Because I'm not lucky enough to have 16k laying around in my bank account.
    Originally posted by Missmarch17
    So that's not an issue of the equity release product at all, but your financial,circumstances.
    • Missmarch17
    • By Missmarch17 21st Mar 17, 8:26 PM
    • 18 Posts
    • 3 Thanks
    Missmarch17
    Yeah thanks for that very helpful comment anotherjoe.
    • Missmarch17
    • By Missmarch17 21st Mar 17, 8:30 PM
    • 18 Posts
    • 3 Thanks
    Missmarch17
    OK.....as long as op have no relatives or friends who they wish to benefit from the estate in future then equity release sounds fantastic!

    Likewise as long as they are 100% sure they will never want to sell for any reason. If at some point they would want to sell for any reason I would avoid equity release.
    • waningsleep
    • By waningsleep 21st Mar 17, 8:32 PM
    • 32 Posts
    • 7 Thanks
    waningsleep
    A man I know had dealings with Aviva .He asked for projected figures for 10 years in advance against a 80,000 release.at just over 6.00% .They quoted him just over 90,000 which appeared very good until his accountant pointed out that the figure would actually over 140,000.Dispite the upset caused to his family Aviva did not apologise but sent 30.00 in supermarket vouchers.Very modern
    • AnotherJoe
    • By AnotherJoe 21st Mar 17, 8:57 PM
    • 6,910 Posts
    • 7,355 Thanks
    AnotherJoe
    Yeah thanks for that very helpful comment anotherjoe.
    Originally posted by Missmarch17
    That was one of your three reasons why Aviva ER is bad, but it's irrelevant, because no it isn't. One of the other two was, you can't sell it, but it won't be you selling it it will be the estate That's the second reason. So that just leaves remortgage it but you wouldn't be remortgaging, you'd be taking out a mortage. So none of your reasons apart from "Aviva won't let me" stands

    So, what reason, specifically, are Aviva giving as to why they won't let you sell ? Do you or the soliciting actually have a letter from them stating "yah boo sucks we won't the estate sell" because this sounds unbelievable. Literally.

    There's something missing from your story here. has your solicitor gone up the chain at Aviva to unblock ? Have you tried social media ?
    • Missmarch17
    • By Missmarch17 21st Mar 17, 10:16 PM
    • 18 Posts
    • 3 Thanks
    Missmarch17
    You're really not helping anotherjoe. How exactly does 'an estate' sell a property?

    I'm the executor and sole inheritor of the estate, but the land registry have a block on any transfer of the property without written consent from aviva. Aviva will not provide that consent! I have a mortgage arranged as I have explained but the solicitor is unable to get any further with out go ahead from Aviva.
    We also looked at getting a mortgage to 'sell' to my husband, same problem would occur apparently.

    I really don't care if you find it 'unbelievable. Literally' I'm the one been banging my head on a brick wall for the last 5 months.
    Clearly the qualified professionals I'm paying to try to sort things out know nothing, if only we were all as wise, and helpful as you!
    • AnotherJoe
    • By AnotherJoe 22nd Mar 17, 8:07 AM
    • 6,910 Posts
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    AnotherJoe
    What have Aviva said is the specific reason for not allowing a sale to go through ? Have you tried social media with them ?
    it sounds as if its blocked through beauracry. It cannot possibly be that case that as a norm Aviva will not allow a house in these circumstances to be sold because this must be a common situation so yes if your professionals haven't been able to do anything for six months there is something wrong.

    BTW you say you have a pension of £16k arranged which is blocked? Who is that with.. its my understanding most mortgage companies won't provide such a small pension?
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