Welcome to the forum Idunc.

Could you tell us how much you need to pay into your trust deed for equity, how much your home is worth, and how much is owed on your mortgage?

Also, how much has your monthly trust deed payment been?

We'll be better placed to offer some thoughts with this extra information.

Hi thanks for the reply, any advice is welcome. I owe 42.504 in equity my home is worth around 115.000 mortgage outstanding is 51k and trust deed payment is 400 per month. Hope this helps. Ian

Hi Idunc.

The usual ways to raise equity are:

1- Extend the trust deed to clear it with monthly payments. In this instance I fear your trustee would consider that the period required would be too long. You may well agree.

2- A third party, often family, steps in to pay the money.

3- The property is sold.

It used to be the case that people could raise a significant sum by remortgaging, often releasing enough equity to satisfy the trustee and creditors. This type of lending largely vanished with the credit crunch though.

However, there are one or two lenders looking at this type of business again, albeit at much lower loan-to-values than in the past.

Given that your loan-to-value is currently pretty low it might be worth speaking to a mortgage broker and/or a secured loan broker. I very much doubt you'd be able to raise the full sum required, but if you can generate any sum it would be something your trustee might consider putting to your creditors.

Please do note though that it's now extremely rare that we hear from anyone here that has had success in this respect. In the circumstances though, perhaps no harm in trying.

Thanks for advice much appreciated. Ian

Good luck Idunc - let us know if you have any success will you?