Welcome to the forum Bearsden11.

Do you think there was equity in the home when the trust deed was signed?

Yes there was. And still is.

Yes there was. And still is.

In that case there could have been no option to "protect the equity". That only applies when there isn't any at the start Bearsden11.

How much equity is there?

How much have you been paying into the trust deed each month?

I'm afraid it is not possible to switch trustees, Bearsden11. Was there any mention of the equity at the start and was any agreement made?

There is about £90k in the house if they where to sell at full
Value. Then when they taken off the mortgage and their
Money there will be nothing left for us. My point is that we where never advised about equity protection even
If it doesn't apply to us.

@kevin yes it was mentioned at the beginning but only that they would take it all to
Clear the debt .

@kevin yes it was mentioned at the beginning but only that they would take it all to
Clear the debt .

Hi Bearsden11.

"Protecting the equity" wouldn't have been mentioned if you and the trustee were aware that equity existed in the property. It simply isn't relevant to you or your case given the figures you've mentioned so there would have been no need to provide any advice on the subject.

When you signed the trust deed by what method did you expect to deal with the equity?

We expected to refinance and have tried to do this by current market it's proving difficult

Hi Bearsden11.

Releasing equity from a property during a trust deed by way of an increased mortgage (or the addition of a secured loan) has been pretty much impossible since the financial crisis began.

I'm afraid I cannot remember the last time someone reported in the forum that they'd been able to achieve this. It's a type of lending that the financial companies appear to have no appetite for currently.

When did you sign your trust deed?

I'm not sure what you mean exactly by "protecting the equity" but I think it is a bit of a red herring given the sums involved, Bearsden11.

TD started in 2010. The reason I brought up protecting the equity was I read different things on this site where people
With equity had kept their house. I also called aib to discuss andRead the guidance legislation. I had the property valued recently and it has dropped since 2010 so there is less equity in the house now. All I really want is to extend the TD to allow us to remain making payments in the intrim While we raise money through the help Of family. The company website does advise under the house equity section that they can extend trust deed. So I would
Like to know the best way to Approach them to achieve an extension. This taking its till
On the us and the family and want to sort it out ASAP.

Hi Bearsden11.

Where the amount of equity is limited it might be possible to pay it over within a reasonable period of time by continuing monthly contributions. What is a reasonable period of time? That will vary depending upon the view of the trustee but we've often heard here that up to two years might be acceptable.

The problem here is that you're saying there's up to £90,000 of equity in the home. To repay that would take £3750 per month over two years which would not be viable for almost everybody. As such an extension to allow the repayment of the equity doesn't seem to be viable.

Of course you're not wanting an extension to fully repay the equity, you want time to try to find the money. From the viewpoint of the trustee they may be concerned that three years has passed since the trust deed was signed and no arrangements to raise the money have yet been put in place.

Therefore, if you're going to have a chance of gaining an extension, I suspect you're going to need some pretty firm evidence that you've identified a source of the funds, that they have the ability to raise the funds, and that they're prepared to use the funds for this purpose.

That might take a little time (arranging finance for example) but once there's a specific plan in place with a willing and capable party it would be a lot easier for a trustee to justify to his regulator and the creditors why the arrangement has been extended when there is so much equity available to help repay the creditors what is owed to them.