Hi again sharkey.

Your mortgage company may or may not allow this, it's at their discretion.

The thing to remember is that if your expenditure goes down (lower mortgage costs) your trust deed payment will go up (assuming nothing else has changed?).

As such you might not want to make this switch?

Hi Both

I see no reason why this should be a problem, although the mortgage company usually require the Trustees consent.

As TDA says though, watch this doesn't cause an increased contribution.

Mark

Hi Sharkey,

I done this no problem for 1 year, my payments did not change towards my Trust Deed, it was noted by myself on my 1/2 year review but my payments stayed the same. Also my mortgage company (Halifax) were tremendous no problem. result!

Sam

Thanks for the quick reply as normal.... I am with cheltenham & Gloucester just wondering has any one done this on the forum before and it was no problem , but i was more looking to do this when my trustdeed finishes next year. but not waiting untill i get the letter for discharge , would my mortgage company have been told that i am in a trustdeed at the minute or do they just find this out when you try and change your mortgage ect thanks again

Hi Shark

As the others have said, it should not be a problem but every mortgage lender works different to the other so the best thing to do is call C&G and have a chat with them. Alternatively ask a mortgage that you know who might be able to get this sorted for you.

cheers

Aaliya

Thanks Aaliya for your reply you know your self its just the asking about it is the difficult bit , thats what i find my self the hard part thanks again

Hi Again

You don't know or get if you don't ask 🙂 I understand that sometimes people don't feel comfortable in asking or calling mortgage lenders, but that can work against them sometimes. For example, i know of many occasions where people have left mortgage repayment difficulties to the last minute, after missing a series of payments only to find that the mortgage lender is taking action against them. If people talk to the mortgage lender early then they would stand a better chance of working out the situation. I know this is not quite on the same topic, but i just want to make the point of how important it is to talk to mortgage lenders, not just in difficult situations but also in situations where talking to them means that you stay informed of new products that can make you savings.

If i was you, i would probably phone as an independent caller just enquiring and asking hypothetical questions around TDs...

Aaliya

quote:

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Originally posted by sharkey

Thanks Aaliya for your reply you know your self its just the asking about it is the difficult bit , thats what i find my self the hard part thanks again

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Thats what i will do . Thanks Aaliya for taking the time to post

mortgage company cant stop you renting out your house can they.... if they find out your in a trustdeed thanks

Hello sharkey.

You can rent your house out.

Your mortgage lender may potentially wish to change the terms of your mortgage if they became aware as "buy-to-let" mortgages may be priced differently.

You should be careful that your home insurances aren't affected.

Finally, if you're profiting from renting it out you may find your trust deed payment reviewed upwards.