Need advice about Redrow loan they are chasing

Kidder81

Have you approached your mortgage lender though? Their interest charges will be lower than Redrows, that's for sure. Then you've got some breathing space to pay it back.

I assume the equity loan was 10% of property purchase price. How much is outstanding on your mortgage Vs the value of the property now?

bagginsian

Kidder81 wrote: »

Have you approached your mortgage lender though? Their interest charges will be lower than Redrows, that's for sure. Then you've got some breathing space to pay it back.

I assume the equity loan was 10% of property purchase price. How much is outstanding on your mortgage Vs the value of the property now?

I’m not able to remortgage sadly, my current status as self employed for only 5 months won’t secure a mortgage with anyone I’ve found, certainly not my current lender. You’re right though, I tried this Avenue a few months ago.

bagginsian

John-K wrote: »

Like others, I look through old posts as it can give some context to give a better reply.

How did the equity loan have any effect on the price of the property?

The purchase price was £5,700 lower if you took their equity loan, making it more affordable at the time.

bagginsian

redrow have agreed to defer the loan for a 12 month period, which will allow me time to remortgage / sell property / raise funds to pay them off.

Thanks for all your comments. Appreciated.