Advice on Equity release further advance

ianmack

I have an Equity release ( Lifetime) mortgage with Mortgage Express and have been happy with the the mortgage. I did not realise they are part of Bradford & Bingley. I had enquired about a further advance before they were nationalised. I have now been told that no further avances will be given now or for the forseable future, I asked wher this left me, I was told move to another company or find another way to fund the advance. If I move to another Company I will still incur a penalty charge, in place untill 2011.Despite this being the only way to achieve what I want, to replace the conservatory on the house. I feel a bit trapped by circumstances not of my making and inflexibility by Mortgage Express. Should I move Company now or wait I would be interested to hear peoples views and has anyone else found themselves in a similar position.

arkie

Unless the conservatory is a total wreck, dont do it, wait until 2011 when your penalty expires, rates may have settled more by then.