Hi Braveheart.

Thanks. So what I'm understanding might be the case is:

1 - You didn't take up the offer to pay £500 in lieu of any equity for the buy-to-let property. Equity developed, so the trust deed was extended for a year to cover that.

2 - There's equity in your residential property. Your trustee is asking for that to be covered by a further extension.

Does that sound about right?

Have you asked for a copy of the Form 1B that Kevin mentioned? I'm not sure we're going to be able to assist you much more unless we know what's on that.

4 years later buy to let is still in negative equity. Willbask them for the form.

Form 1b camei to existence after my trust deed had started so do not have one.

OK.

So I’m finding it hard to offer much further information because I’m not entirely clear about the logic of your trustee’s decision. I’m sorry this isn’t helpful, not least because you’re not clear either.

If you can provide more detail about how your trustee is justifying their position we may be able to offer more feedback.

They say that the extra year was for the buy to let but I dont understand why when it has zero equity. Then last year told me I was finished. Then after final review they come back saying equity in home means 2 further years. They say it took a year disvusding with creditors on this. Beggars belief.

So....sitting here thinking about this and trying to understand. 3 year TD signed nov 2012 and started april 2013. fine. At end of 3 years £500 releases interest in the BTL as no equity. This was paid by one years extension of payments. However they did not look at home equity at end of 3 years but have waited until now, ie 2018 to fo so

Therefore equity in home increased overv2 years means another 2 years payments into 3020!! Sound unfair?

Sorry, I didn't realise you had signed your Trust Deed so long ago. Treatment of equity was less highly regulated back then, but surely there must have been a conversation at the time of signing regarding the equity in your home and how they would deal with it, preferably followed up by something in writing?

If you feel that this was not adequately explained to you and you are being treated unfairly as a result then you should make this clear to your trustee and you could also ask about their complaints procedure.

Calling them today. When i asked about equity i was told not to worry that I would apy for remortgage and more than likely not get one. It is just the fact that they left me for the year now come bsvk n say additional 2 years. Will defi itely be complaining. Thank you.

So... I asked why they hadn't taken equity at the 3 year end. Got apology as they should have instead of 2 years later. Will update me when they check. If under 5k no additional payments but I think it will be 20k which might mean less additional payments. Still no good reason they left me with a years gap so pursuing that. Exhausted.com