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New Mortgage Lending Criteria: Impact on Equity release
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UpToMyNeckInIt
Posts: 884 Forumite
in IVA & DRO
Just when I was starting to worry that mortgage criteria may relax with the improving economy, and that more IVA customers may have to release equity via secured loan etc: Seen a lot of press today regarding the new (much tougher) mortgage lending criteria.
Anyone have any idea how that will impact IVA customers come equity release time?
Also, do these rules apply to other secured lending (eg: loans) as well? ...Consensus from the reports I have read is that they do.
I imagine it will only make equity release in month 54 all the more difficult than it is now (which is probably a good thing for those of us crossing our fingers for a 12-Month extension).
Reassuring perhaps, for any new IVA customers having to agree to potential (however unlikely) secured loans under the 2014 protocol. A provision that has caused much angst on the various IVA forums recently.
The downside of course, is more hoops to jump through for customers finishing their IVA, and wanting a mortgage/remortgage.
Anyone have any idea how that will impact IVA customers come equity release time?
Also, do these rules apply to other secured lending (eg: loans) as well? ...Consensus from the reports I have read is that they do.
I imagine it will only make equity release in month 54 all the more difficult than it is now (which is probably a good thing for those of us crossing our fingers for a 12-Month extension).
Reassuring perhaps, for any new IVA customers having to agree to potential (however unlikely) secured loans under the 2014 protocol. A provision that has caused much angst on the various IVA forums recently.
The downside of course, is more hoops to jump through for customers finishing their IVA, and wanting a mortgage/remortgage.
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