You need to approach a whole of market broker as deals are few and far between in the current climate. Has it been explained to you what happens if you cannot release the equity by remortgage?

Paul

they have told me i can either set up higher ammount of contributions or they will take the property and sell it , what i did not agree with is that even tho im only due 12k , i know there is 25k equity in the property now as it has went up since the date of the deed plus the ammounts in payed back to the mortgage lender and the trust deed company GRANT THORNTON said they would take the lot even tho i only agreed to 12k equity at the start which i thought was wrong and agrued with him over the phone about that but got no where 🙁

Hi nevil99.

I hate to be the bearer of bad news, but it is an awful long time since anyone wrote in the forum that they had been able to extend their mortgage borrowings while still in a trust deed.

As plasticdaft says there is no harm in speaking to a broker, but at the same time you may need to think of other ways to raise this sum or to come to an agreement to pay it over time.

yeah ,we did speak about just paying it up over a period of time , he was hinting bout selling the property but as above il end up loosing out to much money that way . il just have to try the banks and see what the say more than likely say......close the door on your way out ..thanks lol

Sorry, but it is very difficult to get a mortgage, even with a good credit rating. I would not rely on getting a remortgage. I think your best bet is to continue with contributions to raise the equity, or see if a family member could maybe help you.

Try a chap called ryan at zebramoney. He has helped out people I know on an iva forum. I have his email address but dont think I am allowed to put it on here!!!

Paul

Hi Paul.

We've no rule against making members making recommendations, though putting email addresses on websites can lead to the individual getting all sorts of "interesting" emails subsequently!

I think we need to be careful here for two reasons:

1 - We don't want to create false hope for people looking to release equity now (or false expectation for homeowners who are currently thinking about starting a trust deed). We've monitored the mortgage and finance broker press for some time and aren't aware of any mortgage lenders currently offering any more than 70% loan-to-value to anyone in a trust deed (or IVA).

2 - I think you're talking about Zebra Money Centre (which is a mortgage brokerage) rather than Zebra Money Management (which is a debt management plan company)?