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Scottish Trust Deed Forum
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Topic starter
10/11/2011 9:22 pm
Hi,
we have a PTD and have a target of saving 15k plus remortgaging to clear the PTD at the 36month point.
We have been trying to renovate our house to increase the value to enable us to remortgage to clear the PTD.
What options do we have if we do not save this amount buy the date we are supposed to?
Will we be penalised?
squench.
10/11/2011 10:05 pm
Hi squench2002, and welcome to the Forum,
How you realise the equity, and how long you have to do it in, should have been set out at the beginning of the Trust Deed. If you are unable raise the equity, the Trustee may allow you to continue with your payments in order to purchase the equity that way....but they will not extend it for too long, so it may depend on what your monthly payments are, and how long you would need to extend the Trust Deed by. Approach your Trustee and hopefully they will work with you.
Shona is not currently posting in the Trust-Deed.co.uk forum.
