Replace a legal charge on a property.

[elimar]

In principle is it possible to replace a charge on your property with a legally binding contract. The reason, we had an interest only mortgage which now stands at £131000, with the use of equity release we have been able to offer £106000, with the balance being paid off over 4 Years at £550 pm. They originally rejected this offer without any explanation, but after we contacted the financial ombudsman, who then put our offer forward, but again was rejected but this time stated that the reason was that they would have no hold over us should we stop payment. We have even offered to take out an insurance policy to cover this possibility.