can u advise any broker i could get in touch with

Hi manatbushk,

Graeme Leckie is a mortgage broker who you will find profiled on the menu to the left-side of this page.

He has recently joined the site as we wanted to have a mortgage expert to compliment the team.

Hopefully he can add his views shortly though I'm afraid it may not be until the early part of next week.

still got 1 year and 4 months to go to be exact but i dont want to leave everything to the last minute

i dont want to pay over the odds for interest rates but i also dont want to have to sell house

Hi. Best advice here would probably be to re-mortgage in your wife's name. If she has the income and is clean credit wise we should be able to do this at high street rates.

Historically you were able to raise monies to repay the debt within the period of the trust deed, however it is extremely difficult to do this in the current climate.

I would suggest that the best course of action is to wait until the end of the trust deed, 18 months is a very long time in the mortgage world, and take the most appropriate form of action at this point.

cant apply in wifes name as she is in trust deed as well
she doesnt have income anyway
will leave for a few months then enquire again

I think that is going to be the best thing.

As Graeme mentioned a lot could change in terms of mortgage availability and property values over the coming months.

thinking of letting my daughter and son inlaw buy house so we can still live in it thus raising some equity to pay to trust deed may only raise 10,000 to 15,000 is this viable and do you see any pitfalls

It's worth looking into certainly. There are one or two potential obstacles though.

Firstly, will your daughter/son-in-law be able to raise the funds to buy the property? It would be a buy-to-let mortgage presumably so they may need a decent deposit first. Also, it'd all need to be done with the blessing of your trustee, so probably couldn't be sold to them at much of a discount on the market value.

what if they bought into share of property to the value of equity
of 10,000 to 15,000 thinking of remark made earlier on about someone buying equity

Hi manatbushk,

Would they need a mortgage/loan to raise that money?

yes they would it would be the only way to raise that type of cash

Is your thought that the mortgage/loan would be secured on your property or another that they already own?

I suppose, with your permission, they might be able to look into a secured loan upon your property (in addition to your mortgage continuing). I'm not really sure whether secured loan companies would allow this or not.

Hi, i would suggest that we could look at a Family dicounted purchase. In this we can use the equity within the property as part of the deposit, while agreeing a lower purchase price. You son and daughter may well have to put down some form of deposit from about 5% depending on their overall credit score.

Thanks Graeme,

That's really interesting.

I wonder if the Trust Deed experts see any issue with a transaction like this going through at a discounted value?

their credit score should not be a problem, but obviously its a big decision for my daughter and son in law to make.
The main thing is i am looking for a last resort incase i cant get remortgage due to being in trust deed and having ccj against me.
Its far better than us having to sell the house to tom dick or harry and having nowhere to live