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Scottish Trust Deed Forum
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Topic starter
20/10/2018 1:29 pm
I took out a trust deed 3 years ago, I had a mortgage and had to sell my house 1 year into the trust deed due to personal circumstances. I have been renting for 2 years and I am looking to get a mortgage again but with help from my parents. Mortgage advisor has suggested we are all named on the mortgage, I am wanting to know how this works with me being in a trust deed, the mortgage advisor is aware of this and said it might be difficult but not impossible.
Thanks in advance for any help.
21/10/2018 1:08 pm
Whilst you are in a Trust Deed the Trustee will have an interest in any assets you acquire. Therefore, if you bought a property with a 90% loan to value mortgage (and assuming the property was solely in your name for the purpose of this explanation) the Trustee would immediately have an interest in the equity which exists in the property.
For example. You buy a £100,000 property with a £90,000 and it is solely in your name, your Trustee would be required to seek your proposals for the payment of £10,000 into your Trust Deed.
The Mortgage advisor may well be correct that it is possible but that in no way means that it is advisable.
There may be some way to agree everything in advance (particularly s you state there will be third party assistance) but this is something you should absolutely discuss with your Trustee before you advance this too far.
22/10/2018 1:42 pm
I totally concur with Voice of reason's comments - you'd be wise to proceed with caution and discuss your plans with your trustee first so that you can (hopefully) proceed without risking causing a problem.
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