Is the mortgage in hubbys name only? Just wondering why you have chosen different paths to clear the debts.

Highly unlikely you will get a new deal during a trust deed. Is it possible to secure a new deal before you declare insolvency?

Paul

Basically I don't earn enough money to enter into a trust deed to clear off my debts.

Mortgage is in joint names.

Hope this helps

Hi Andrea73.

There isn't much chance of being able to move to a new mortgage lender, but it's perfectly possible that RBS may offer you a new fixed/discounted/tracker deal or deals.

They don't have to, and the may simply move your mortgage onto their standard variable rate, but it's well worth asking about this a couple of months before your existing fixed deal expires.

Hi Andrea 73

Agree TDA that it is more than likely you will be moved onto the Standard Variable Rate at the end of your deal.

Chris

Hi Andrea73,

I would advise you to stay with the same mortgage provider during your trust deed. I had a fixed rate mortgage when I took out my trust deed and when the fixed rate ended I was automatically switched on to the standard variable rate for a year. My mortgage lender doesn't know I'm in a trust deed and I recently switched back on to a fixed rate without any problems. When I took out my mortgage, I was told that as long as I stayed with the same mortgaage provider and was only moving on to a new fixed rate then they wouldn't need to do any credit checks in future. I don't know if this is the same for all mortgage lenders if you remain with the same one.

I am currently enjoying being stuck on the lloydstsb SVR of 2.5%,once we make house repairs that were put on hold during the trust deed I hope to take advantage and make some overpayments!!

Paul