Hi sampet and welcome.

So long as you complete your trust deed there should be no issue. However there may be an issue if you were actually sell the property and generate a surplus before you're discharged.

Sadly it's too late in this instance, but other readers should be aware plenty of firms offer the same protection without the payment of an extra £500.

Hi sampet,

You will need to check with your Trustee regarding the £500 nominal payment to protect your property. You should have received something in writing at the outset confirming the position with the house. As TDA has pointed out the firms represented on the forum don't charge this payment which may be useful to know if people are reading this and considering a Trust Deed at the moment.

Normally it's paid on the basis that if you have negative equity at the start of your Trust Deed then the Trustee agrees not to review the property during or at the end of the Trust Deed but on the basis you don't look to sell, remortgage or secure and further finance to the property until your are fully discharged.

I think if you were to try and sell the property whilst you were still subject to the Trust Deed and there was equity available your Trustee may look for this to be paid over. As I said though best to check with your Trustee.

Let us know how you get on with this.

Also, I ask most people this as I'm interested to find out how you have found the Trust Deed process so far?