Hello b35119 and welcome to the trust deed forum.

If the sum of equity due as part of your trust deed was fixed from the start at £39000 then this amount is now likely due. If the sum is based upon the current valuation of the property you may wish to query the amount now being asked for. This will all depend on what you agreed to at the start so you may wish to check any paperwork that you have from then.

I'm afraid that you'll almost certainly find it to be extremely difficult to remortgage given that you're currently in a trust deed (discharge will follow paying over the equity to the trust deed). The mortgage market is extremely difficult at the moment, and especially so for anyone that has experienced credit problems.

It may be worthwhile raising the subject with a mortgage broker to see if they have any ideas for you; the fact that there appears to still be a good bit of equity in your home overall may be helpful in this respect.

I presume your debts must have added up to a large sum, b35119? otherwise it would be quite unusual for a trust deed to be appropriate where there is such a lot of equity.

Anyway, I'm afraid you could be held to the deal you made at the start of the trust deed, or risk being forced to sell instead.

yes,i owed 68,0000,amd the equity in my half ohf the house was 39,000,but that has dropped dramatically over the past 3 years and I am wondering if thaey would accept a lesser amount

How much do you think your half of the equity would be now b35119?

Hi
I FINISHED MY TD IN MAY 2011 AND WAS DUE TO PAY 17K EQUITY AGREED AT THE START BUT I CHALLENGED THAT THERE WAS NOT 17K EQUITY IN THE PROPERTY DUE TO THE SLUMP IN HOUSE PRICES. THE TD DID AN ONLINE VALUATION WHICH CAME BACK THE SAME AS IT WAS VALUED THREE YEARS PREVIOUSLY SO I PAID 120 QUID TO GET MY OWN VALUATION DONE AND THE VALUER CAME OUT ANDVALUED IN 15K LESS !! I PUT ALL THAT IN WRITING AND A SETTLEMENT FIGURE OF 2K WAS AGREED SO DO NOT ACCEPT A VALUATION IF YOU KNOW THERE IS LESS EQUITY NOW- GET YOUR OWN SURVEY DONE AND CHALLENGE THEIR VALUATION - GOOD LUCK, MAC

Thanks for sharing your experience Mac. I think the information will be very useful for anyone else who is concerned that they are being asked to make an equity contribution to their trust deed that isn't reflective of their view of the current value of their property.

thanks mac I will do that,Amy,I think it is about 35,000,I was really wanting to re-mortgage but that doesn't look possible just now

I think remortgaging is going to be very tough b35119.

I hope that following Mac's advice and experience helps to open up some possibilities for you.

Hi 35119

I think it is very difficult to get a mortgage these days even withna great credit rating. However, your wife may be able to do something since her credit file is ok, but it's a long shot. As Mac says, it is always worth a fresh valuation if you don't agree with the figure - not sure you will get off with as little as £2k, but it may make the figure more manageable.

Well done MAC!