Hi JForbesf and welcome to the forum.

Can I ask if you have actually met with a qualified expert in person to discuss your options and the full details of a Trust Deed? Normally when you meet with an expert to discuss things all of this is covered in great details and I'm just a little concerned that it's not been explained properly to you.

When you enter into a Trust Deed you are effectively transferring any assets that you have to your Trustee. It's then the Trustees job to consider the value of any assets and try and achieve whatever equity there is in the asset.

When it comes to property the Trustee is only interested in the equity. If a promptly has equity then an agreement should be made at the start of a Trust Deed as to how this will be dealt with. To do this a valuation of your house should be obtained along with an outstanding balance on your mortgage. This should then be confirmed in writing so it's clear and easy to understand.

In terms of your fixed rate deal coming to an end during the period of the Trust Deed this is something that you will deal with yourself with your current mortgage provider. You won't be able to change to a new mortgage company but your existing one should offer you a range of different products/plans.

Is it just you that is entering into the Trust Deed?

Can you tell us how much your debts are and how much equity you have?

Depending on what stage you are at in your Trust Deed process is may be worth while seeking a second opinion on things. We always suggest speaking to a number of advisors about your circumstances as things including level of service and how your case is handled can vary from firm to firm. Have a look on the forum for other people's experiences.

The most important thing to ensure is that you receive absolutely everything in writing regarding your payments, the timescale and what the position is with any assets you have and that this is easy to understand. Ideally you shouldn't have any niggling questions that you don't know the answers to. You also want to check that the person you speak with will be your point of contact throughout your Trust Deed and if possible the company you use is ideally based in Scotland.

Thank you for replying.
My trust deed is with Knightsbridge, the only worry I have is that it is still mine and my equity doesn't cover my debts.
It's a joint trust deed with me and my partner.

Hi Julie,

Without knowing your full financial circumstances and how your Trust Deed is set up, normally as long as you maintain your agreed payments to the Trust Deed then there should be no risk to your property.

Did you meet with anyone in person when you entered your Trust Deed or was it all done by post?

I spoke to an independent financial advisor on the phone and then have spoken to Knightsbridge on the phone. Never met anyone in person.
The payments will be no problem to keep up with so should all be plain sailing.... Hopefully!

Hi Jforbesf,

Have you been made aware of what would happen to your property in the event that your trust deed failed for some unexpected reason?

Yes they could sell my house to get the money to give to my debt.
I was just worried about what happens when the fixed rate period is up and would I be the one that still dealt with it or would my trustee?
As long as I am not handing over my house completely that's all I was worried about I don't want to not be able to deal with my mortgage and property myself as that is the only asset I am worried about.
It was a hard long journey to get the house and mortgage so don't wanna lose it.
The payments are manageable for sure as my partner works full time and I'm part time but on a good hourly rate so 2 shifts a week means I still get a good wage at the end of the month aswell as unsocial hours weekend hours etc.

You would be the one to deal with your mortgage lender at the end of your fixed rate, Jforbesf.

There is no such thing as a joint Trust Deed, so presumably they have sent out paperwork for each of you to sign a Trust Deed separately?

How much equity are they saying you have? The 48 payments will be your income contribution rather than any payment towards equity, that would have to be paid separately if there is any.

Stay away from Knightsbridge!!!!!

Please contact one of the trustee's from this forum!