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Scottish Trust Deed Forum
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Topic starter
05/06/2009 11:20 am
Hi I am really concerned now. I have just had word back from the company that my Trustee referred me to (Clear Financial Solutions) to see if they could arrange the remortgage or gain a secured loan and they have said they cannot assist at this time. Can the trustee now force the sale of my home? They mentioned mortgage to rent but i don't know how to go about this. I am so frustrated as we have complied with every payment and also already released a fair amount of equity into the TD (?ú23K) and are continuing making payments beyond the completion date (March 09). They say they cannot extend the TD as the equity they are looking for is too high (?ú17K). Can you give any advice - even on companies who may be able to help look at remortgaging assistance or secured loans? Any advice you could give would be appreciated.
05/06/2009 11:51 am
Hi there,
Did you look into getting the property revalued as yet?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
05/06/2009 6:54 pm
Hi TD
Thanks for this I didn't get an estate agent out but I did have a look at similar properties for sale in my area and they are on for Fixed Prices of ?ú105000 and ?ú108000 so the valuation is probably about right. I am currently seeking out other financial advisers and looking at securedloans
thanks
07/06/2009 9:07 pm
Hello again magscb14,
To get more information about Mortgage to rent try this link - http://www.scotland.gov.uk/Topics/Built-Environment/Housing/investment/hosf . (Hope that works!) It'd be a shame to be forced down this route because you are having to give up ownership of your home, but at least you get to continue living there and on a reasonable rent. You will probably need to meet with an approved money adviser before completing the application, but that is no bad thing. It really is quite a good service and as it's a government scheme you know you won't get ripped off.
Kevin
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
08/06/2009 1:42 pm
Kevin
Thanks for the link - as you can imagine this is keeping me awake at night. I really hope not to be forced down this route and am seeking to try to remorgtage or get a secured loan but the trustee only offered up one company and seems to have left us hanging at that and will offer no further advice. I was really disappointed that my trustee would not consider extending the TD period especially since I have already released a significant amount of equity within the property which i will now have paid twice for as I have released it and have now paid back over ?ú7K in mortgage payments and if I go MTR, the trustee will get all the proceeds towards my estate. I feel I was badly advised on this as this was never mentioned as a possibility when we signed and it was all singing and dancing at the time. I think it is just my luck that the market went haywire just before I was due to end my TD or things may have been a lot different. Thanks again
10/06/2009 12:32 pm
Good luck with it.
Do let us know how you get on, whether through the mortgage to rent scheme, or if you decide to complain about the IP to their professional body. It is always useful to get feedback on real situations rather than hypothetical ones!
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
