Hi nevil99

I think it is very unlikely in the current climate that any lender will agree to a remortgage unfortunately.

Sorry

Mark

no remortgaging tho , just changing over to a better deal , im not requesting anymore funds just switching banks ? or did i miss understand you sorry if i did there

Hi nevil99.

The way mortgage lending is at the moment, the lenders themselves are very averse to taking what they perceive to be risks. Persons with damaged credit histories, which will include persons in trust deeds, are perceived by these lenders to be risky. For this reason, even though you don't want to raise any extra money, a new mortgage lender may well not wish to take you on as a new client.

Northern Rock might offer replacement mortgage products to you, something that you may wish to ask them about around three months before your current mortgage ends.

If not, your mortgage will normally move onto their standard variable rate (SVR). Today that rate is 4.79% according to their website, but this is likely to rise if/when interest rates in general start to increase.

thankyou for the advise , i have contacted my bank to make an appointment , but as you say i may be wasting my time , just have to take the best deal with my currant lender and have no choice in the matter ,thanks again

Hi again nevil99.

As you're on a trust deed, in some ways it doesn't make too much difference to you until after you have been discharged.

Presumably your existing mortgage payment has been budgeted for when working out your trust deed payment?

If you find a cheaper deal the chances are that your trust deed payment will be increased as you will have more surplus cash available.

yes but that will then pay the trust deed off quicker which would be a good thing in my view , to get this completed and over with

Are you making extra payments for equity (or something similar) at the moment nevil99?

If you are that will certainly be correct.

So long as the Northern Rock SVR doesn't change it sounds like you're due to get a fairly good reduction from 6.99% to 4.79% which will hopefully help.

yes , as i cannot get a remortgage ,i recieved a letter from grant thornton requesting 24 payments of ?é£512 to clear the 12.5k equity required , so if my mortgage payments were less , id have more cash to give to the the trust deed

That makes perfect sense nevil99, I apologise as I think you'd discussed that here before and I had forgotten.

A lot of people have enjoyed savings after being moved onto their lenders SVR given the low interest rates at the moment. I hope it stays that way for you.

TDA-can you confirm if the individual can pay these amounts towards equity? I thought if there was an increase in money available it was automatically directed towards paying creditors and only a 3rd party can inject funds for equity?

Things change once the usual trust deed payments have been finished Pamjo.

At this point nevil99 is trying to clear down a fixed amount of equity only.

It may not be the end of the world to be dropped onto a SVR,as any other lender would likely charge more than you are on just now!! Fingers crossed the base rate stays low for a bit longer!!

Paul

I think there are a whole lot of people out there crossing there fingers with you on that one!

Got it TDA-that is then a fixed amount and won't change if income / expenses situation changes?