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  • FIRST POST
    • workingboy
    • By workingboy 21st Oct 19, 10:35 AM
    • 208Posts
    • 7Thanks
    workingboy
    Equity Release - Refused
    • #1
    • 21st Oct 19, 10:35 AM
    Equity Release - Refused 21st Oct 19 at 10:35 AM
    Recently applied for Equity Release through "Right" said Fred people using a Lifetime Mortgage.

    Their surveyor carried out a valuation of the property. In our view approx. £300k.

    But Fred said having tried several lenders which all refused, based on the amount of upvc cladding used.

    Fred was told that we would remove the cladding and either brick up or use clay tiles etc.

    He advised not to proceed with any expense till he spoken to the lenders, that was 3 weeks ago despite 2 calls to him. Also asked him of the value the surveyor gave on the property.

    Do we approach using another Broker, our own surveyor or apply direct to a lender.

    Currently we are in limbo of what to do next.
Page 1
    • Thrugelmir
    • By Thrugelmir 21st Oct 19, 1:55 PM
    • 65,435 Posts
    • 57,570 Thanks
    Thrugelmir
    • #2
    • 21st Oct 19, 1:55 PM
    • #2
    • 21st Oct 19, 1:55 PM
    Personally if there's no contact. I'd move onto another broker.
    ““there really is no such thing as ‘the future’, singular. There are only multiple, unforeseeable futures, which will never lose their capacity to take us by surprise.””
    ― Niall Ferguson
    • workingboy
    • By workingboy 21st Oct 19, 3:58 PM
    • 208 Posts
    • 7 Thanks
    workingboy
    • #3
    • 21st Oct 19, 3:58 PM
    • #3
    • 21st Oct 19, 3:58 PM
    The only other issue we have worries about,

    If repeated applications are made for Equity Release, will this effects our credit score etc.
    • haras_nosirrah
    • By haras_nosirrah 21st Oct 19, 4:03 PM
    • 2,052 Posts
    • 3,280 Thanks
    haras_nosirrah
    • #4
    • 21st Oct 19, 4:03 PM
    • #4
    • 21st Oct 19, 4:03 PM
    cladding is a big issue. Most lenders won't accept the property until after the cladding has been removed.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • workingboy
    • By workingboy 21st Oct 19, 6:00 PM
    • 208 Posts
    • 7 Thanks
    workingboy
    • #5
    • 21st Oct 19, 6:00 PM
    • #5
    • 21st Oct 19, 6:00 PM
    Thats what I would have thought, but was told to hold fire on that 🤔
    • MovingForwards
    • By MovingForwards 21st Oct 19, 6:31 PM
    • 2,531 Posts
    • 3,000 Thanks
    MovingForwards
    • #6
    • 21st Oct 19, 6:31 PM
    • #6
    • 21st Oct 19, 6:31 PM
    https://forums.moneysavingexpert.com/showthread.php?t=6057392

    But you were advised of the problems with cladding when you asked the above questions.
    • workingboy
    • By workingboy 21st Oct 19, 7:49 PM
    • 208 Posts
    • 7 Thanks
    workingboy
    • #7
    • 21st Oct 19, 7:49 PM
    • #7
    • 21st Oct 19, 7:49 PM
    No one advised of the next step,

    'Fred' said not to proceed with the expense, despite phone calls with no response from him. Still waiting till he asks the lenders would the intended work in removing the upvc cladding make the property acceptable to them. This has been 3 weeks, how long does it take to speak to them to get answer.

    Want to do something in the right direction.

    If I go to another Broker is this going affect my scoring approaching lenders again.

    Don't know the real reason behind the lenders not accepting the property other than cladding as told by 'Fred', as there are approx 60% (approx 50 houses) on the estate of the same design with the same upvc cladding in place of wood. Are they all not going to be acceptable by lenders in the future.

    Who is in a position to say, Yes a another Broker or a Surveyor of mine will solve the issues with the lenders.

    Is removing the cladding the real answer.
    Last edited by workingboy; 21-10-2019 at 9:22 PM.
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