Hi Hamstrung.

Are there any accounts within your "one account" package to which you owe money?

Yes the "mortgage " balance, there is only one balance on the account which is secured on the house. There is a limit on available funds which we are about £4000 below but the account will show a negative figure on any enquiry.

Secured debts are treated differently to unsecured debts in a trust deed Hamstrung.

If there is no unsecured debt connected to this account, and you continue to pay the mortgage as normal, I wouldn't expect for there to be any issues.

You may wish to ask any contact at a trust deed firm you approach to look at the paperwork for this account to reassure you further before you make any final commitment.

Hi hamstrung

Just to be clear on the figures. There are 2 accounts the mortgage account is this in your wife's name or is this in joint names and a 2nd account which is in joint names. What is the balance of the 2nd account?

Mark

Hi hamstrung

it will be clearer when you answer Mark;'s question, but I don't see it being a problem. The Trustee is still lokking at any equity, or at least you half share of equity.

I don't think equity will be an issue here Shona.

For unconnected reasons the property has been owned by Hamstrungs wife alone for 15 years.

There is only one account, it has a negative balance " the mortgage " there is a facility up to a limit, all is secured against the property so I suppose that the limit is the actual mortgage.

Hi Hamstrung

On that basis, I can see no problem.

Interesting question though, with these types of accounts.

Mark

So if I enter a trust deed or sequestration should I advise the mortgage company, as I would intend that there would be no breaks in payments, also would it be likely that this account would be frozen when the process is started. If it is frozen how is it unfrozen so that repayments could be made. Sorry to have so many questions folks but this is probably the main factor affecting my decision as to the way to go forward.

Hi Hamstrung

I think the only way to be sure would be to speak with the bank.

I think it is unlikely that the account will be stopped altogether. In some cases they will freeze an account and await the trustee to confirm they have no interest in this before unfreezing (defrosting!!) it. You should remember that your wife has an interest in the account and hopefully this should not overlap onto her.

The bank generally will look for the easiest way to facilitate the mortgage payment and my guess is that they will take your name from the account but continue with it in your wife's name. Unfortunately, only the bank can confirm this.

Mark