Stuck in Trust Deed
 
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Stuck in Trust Deed

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(@jamesy27)
New Member
Joined: 15 years ago
Posts: 2
Topic starter  

Hi, I've been in my Trust Deed for almost 5 years now. After 3 years I was suppose to get a re-mortgage to release the equity I had at start of Trust Deed but with the current climate was unable to secure a re-mortgage. Now I'm being told that I have to bring my Trust Deed to a close before my 5 years but without being able to get a re-mortgage what options are do I have left? Need help.....Thanks


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi jamesy27 and welcome to the trust deed forum.

Sadly the changes in mortgage lending conditions have made life very difficult for some people that started protected trust deeds several years ago expecting to be able to release equity via a remortgage.
Today the inability to obtain such mortgages is factored into the advice provided by trust deed companies and debt advisers. I don't think anybody predicted the incredible changes in lending conditions that we have witnessed in the past few years.

How much equity are you required to release?

There are generally three potential solutions to the problem:

1 - Pay back the equity through continued monthly contributions after the usual trust deed period has ended.

2 - A friend or family member provides the funds to deal with the equity.

3 - The home is sold to release the equity for the trust deed.

Do any of these options appear to be realistic and possible for you?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@jamesy27)
New Member
Joined: 15 years ago
Posts: 2
Topic starter  

Hi and thanks, I have been paying my monthly contributions every month and bringing down my amount owed but they tell me it must be sorted by it's 5 year anniversary by which time I won't have paid enough...maybe trying sell off a 25% share of my flat to a family member may be an option. Thanks


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi again jamesy27.

Your suggestion seems like an extremely good idea to be discussed with your trust deed company.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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