Equity release & pylon issues

Mancutd1

Hi. I really need some sound advice regarding equity release and pylon at the back of our garden. We’ve just been knocked back by Pure Retirement because of this. One of the annoying things is that we went through endless form filling & telephone calls and nothing was mentioned about this. I’m so angry & very disappointed as we were making plans for the future ie, home improvements. I’ve since read that some equity release firms will lend the money but I’m very sceptical now I’ve found this information out

MWT

In general terms, anything that is unusual about the location and adjacencies will be an issue for many lenders, so you'll need to be very clear on disclosing things like a pylon up front, was this disclosed, or did it just come up during the valuation?

How are you getting advice? ... was that just via Pure using one of their recommended advisors?

You need to be sure that you are using a route that will give you access to the whole of the market, not just a limited set of lenders...

So has your advisor given up at this point or are they willing to find a different lender?

Have you had to pay for the advice yet?

Mancutd1

Hi. We just got a phone call to say they could lend the money & had tried various other lenders. We haven’t paid anything upfront. I’ve been in touch with a few by email & am awaiting reply’s, also had a phone call from First Uk mortgages & they are ringing round to see if they can find anyone. I’m certainly not hopeful 😔. Thanks for your reply though 😊

MWT

Did it get as far as the valuation last time?

If your current advisor cannot come up with any options for you it is at least worth trying 'StepChange Financial Solutions', their advice is provided free, so no risk there and just be totally upfront with them about the pylon problem so they can factor that in to the lender selection.