Hi Stuart

There are 2 points here. Firstly I suspect that it will be difficult to get a remortgage in the current financial climate unless there is a large equity figure and secondly if there is a large equity figure, your Trustee is unlikely to agree to a remortgage.

Mark

Hello stuartrae1,

Have you looked into how your rate will change when the fixed period will come to an end?

Your mortgage is likely to move onto the lender's standard variable rate which in some circumstances can be cheaper than the old fixed rate (though of course it will go up if interest rates go up).

You should also ask your existing lender whether they are prepared to move you to another mortgage product (for example a new fixed rate if that's what you wanted to do).

thank you for your replies,to answer mark there is not a lot of equity in my home,and trust deed assistant thanks for explaining it for me that was what i was not sure of if i had to stay and take whatever my current lender says or if i could get into another fixed rate.After reading a few posts in this forum my wife and i are a bit concerned about people saying they need to lift the equity from there home at the end of the t.d is this always the case and is there always problems getting it confirmed as finished after agreed time.Thanks again for your help,stuart

Hi Stuart,

If there is equity in your property at the end of the Trust Deed you may need to make a contribution. As different Trust Deed firms work in different ways it would be best to contact your firm to ask exactly how this will be handled for you according to your Trust Deed.

Naturally a forum such as this one attracts comment from people who have been disappointed with the way their case has been handled but most people find that their Trust Deeds are completed promptly once the monthly contributions are completed and any equity, if necessary, is dealt with.

thanks very much for quick reply and help,i just hope the company im dealing with are good!!