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tdlawyer
tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience:  11 years experience of general practice.
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Hi My Mortgage matures in September with an outstanding of

Resolved Question:

Hi My Mortgage matures in September with an outstanding of £55,00. WE my husband and I have no pension pot to clear the amount. We told the provider and was put to a Financial adviser. after checking our finances they agree on Equity Release. The adviser is Stepchange Charity.

My question is we have a property in the West Indies which we bought with my pension fund.

Should I tell the mortgage provider?
Submitted: 3 years ago.
Category: Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

Hello, welcome to the website. My name isXXXXX can assist you with this.

tdlawyer :

What does your financial advisor say about telling your mortgage provider?

Customer:

His advise is to take out an Equity Release on the property we are in now pay off the £55,00

tdlawyer :

Okay. So what concerns you about telling the mortgage provider about equity release? If you mean to say you have had equity released from your property, they would find out anyway, as the person making payment to you under the equity release scheme will secure the property using a legal charge/mortgage and the lender will find out.

Customer:

We have to decide tomorrow if to go ahead with equity this is the first release.

tdlawyer :

You should take professional advice about this from your financial advisor. This is why you engage him/her. I can't realistically say whether you should proceed with it or not as I know nothing about yout financial position generally and what would be best for you to do.

Customer:

My great concern is we do not want a lifetime mortgage I'm 73yr my husband is 70yr. Should we tell the adviser about the property in the West Indies

tdlawyer :

Yes, I see no reason you shouldn't tell the advisor about the property in the west indes. He/she would need to undertand your full financial position to be able to give you proper effective advice.

tdlawyer :

It might be that he advises instead to sell the west indes property which, financially, might be better for you.

Customer:

Thanks. We will

tdlawyer :

you're welcome

tdlawyer :

Is there anything more I can help you with?

Customer:

No thanks I fell much better now,my husband is reluctant to sell the property in the West Indies,but I will insist

tdlawyer :

Well, speak to the advisor and understand your options - that's the most important thing, then you can make an informed decision.

tdlawyer :

Can you tell me whether you're happy with the service today please?

Customer:

very happy

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