Afternoon

For individuals that have entered into a trust deed and when their mortgage deal ends that it is true that you would not be able to move to another mortgage provider however , you will be able to negotiate and enter a new deal with your current provider. A new fixed time product is not the same as a re-mortgage as you are not borrowing more therefore it is not generally subject to credit scoring.

A Trust Deed is just one option to deal with your debt and it may be a good idea to hit the contact button and I am happy to go through your circumstances.

P

Thanks. I’ve been through the contact/questions. TD is my only option.

Hi weemolesmammy and welcome to the trust deed forum.

Presumably your mortgage has plenty more years to run (in total) after the fixed period ends?

If that's true then either of the following will take place when that fixed period ends:

1 - They offer you replacement mortgage products that you can choose from

or/

2 - Your mortgage moves onto the lender's standard variable rate

It's currently more or less impossible (as far as we know) to move a mortgage to a new lender during a trust deed. However it's different with your existing lender because they aren't taking on any additional risk by retaining you as a customer.

quote:

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Originally posted by Paul McDougall
[br]Afternoon

For individuals that have entered into a trust deed and when their mortgage deal ends that it is true that you would not be able to move to another mortgage provider however , you will be able to negotiate and enter a new deal with your current provider. A new fixed term product is not the same as a re-mortgage as you are not borrowing more therefore it is not generally subject to credit scoring.

A Trust Deed is just one option to deal with your debt and it may be a good idea to hit the contact button and I am happy to go through your circumstances.

P

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quote:

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Originally posted by weemolesmammy
[br]Thanks. I’ve been through the contact/questions. TD is my only option.

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As the others have said, you can ask you provider for a new mortgage deal - this keeps you on the same mortgage & repayment trajectory, but gives you a discounted interest rate.

In the unlikely event that is not offered and your payment increases, your TD payment should reduce to match your new monthly surplus - so in either case you're no worse off.

I would point out though, there are a few firms out there who only provide Trust Deeds, so just because one firm has told you a TD is your only option, doesn't necessarily mean that's the case. A second opinion (especially as a homeowner) is always a good idea and I know from experience that Paul's firm offers all 3 statutory solutions in Scotland. No matter who your original advisor was, for a big decision like this getting a second perspective has no downside, but potentially a lot of upside.

Just to clarify that all firms represented on this forum can administer all of the Scottish statutory debt solutions and will always advise clients about every option, not just Trust Deeds.