Hi lornamac70 and welcome to the forum.

I'm not a qualified mortgage advisor but In my experience it's very difficult, if not almost impossible to re-mortgage during a Trust Deed to release equity.

It's probably best that you speak with a mortgage advisor regarding this to see if they are able to secure you a re-mortgage. They may know of lenders who will consider you.

How much equity are you being asked to release from your property to pay towards your Trust Deed?

The impression I got from my trust deed was that I would not get it but had to try anyway or I cannot be released. I am nearing the end of my added on year with my last payment due in January - I just cant see how I can get a possible lender to cooperate and provide the necessary letters and I don't know how much i am being asked to release as i assumed it was all ??

Surely a mortgage adviser would want a fee to provide a service that they are unlikely to get a kickback from a lender for ? Just thinking out loud really and I should really ask a mortgage adviser 🙂

Hi lornamac70.

For as long as you remain in a trust deed I suspect you'll find it impossible to increase your mortgage borrowings.

You'll need to confirm with your trustee the amount that you're expected to obtain.

You'll also want to ask what happens next if you cannot raise further finance.

It's really then for you to approach your own lender and another. It sounds like their written rejection of your application will suffice - but again I'd check with your trustee.

I doubt that you'll find a mortgage broker willing to expend much effort on this unless they stand to earn a fee from you.

I'm guessing that the Trust deed was proposed on the basis that you would try to remortgage to release equity but that if it proves not to be possible then 1 year's additional payments are made instead. Does that sound correct?

As Trust Deed Assistant says, your trustee will need to confirm how much you are supposed to be asking for. It will then be a case of approaching the lenders yourself, waiting for a knock-back in writing presumably and then passing it on to your Trustee.

I have dug out all my old paperwork, they are looking for me to realease £8,700 and if i fail then i have a further 24 months to cover.

The problem is that I am unable to obtain proof of my attempts to get the equity. The best I have managed to get is an email from my existing lender and the other 6 I have phoned basically dont want to know as soon as I mention trust deed.

I will be phoning the trustee this afternoon and see what i can do next to extricate myself from this bit of the process.

Please let us know how you get on Lorna.

I'd imagine that if you're finding this tricky then other customers of your trustee will have experienced the same in the past.

This kind of arrangement is becoming more and more common, so it would certainly be interesting to hear how you get on, lorna.