Hi sharkey and welcome to the forum.

It's very hard to predict how this will work for you as different mortgage lenders handle these situations in very different ways.

A lot of lenders will offer decent replacement mortgages to their clients who have a good payment record. You may have to wait until a few months before the end of your current mortgage to find out what will be on offer. You will need to be careful not to lock into a mortgage that extends beyond the end of the Scottish Trust Deed if there will be penalties to leave the mortgage early when you need to raise funds.

If the current deal ends you will likely be moved onto the lenders standard variable rate even if you cannot get a new "deal". At the moment these might be viewed as faily cheap but who knows how interest rates will change over the coming months and years.

When it is time to consider a remortgage I'd suggest you approach a mortgage broker and give them at least three months to see if there will be a suitable mortgage product for you to raise the additional funds you mention. You could also approach your own lender to ask if they will advance further funds.

thanks for your reply TDA would my currant morgage company default on me if i asked them for a remorgage, as they would do a credit check on me and find out i was on a trustdeed , or would they check up on me as i have been with them of 2 years now with out any problems on the morgage payments front. As what i am thinging my self would to keep trying everbody else and if i got some body to give it to me i know the payments would be higher but the releif in getting the £8000 equity would let me sleep a bit easier as the only the last resort would be to contact a third party member but this is someting i would hate to do . Is there a morgage broker that you know would help in this position thanks j shark

Hi sharkey,

What do you think your home is currently worth?

How much is owed on your mortgage (and any secured loan)?

Hi Sharkey

do you have a 3rd party who could assist. My thinking was that a third party could make monthly payments to reduce the equity. £200 per month through the course of a Scottish Trust Deed could make a significant dent in the amount due at the end. The Trustee could then extend the period to pick up the balance.

Mark

thanks again TDA my house is currantly worth i would say £170.000 at least and i owe £143.000 on the morgage and i have no secure loans on the house . i am paying £290 a month to the trust deed . and hi mark i have my family who could help but honest it would kill me to have to tell them i know its sounds bad but i really want to get out of this mess by my self with out anybody else knowing about it its my problem and i will do what ever i can .but after the trust deed is finished and i have not got the money what options are open to me . will they re value my home and the equity so i might end up paying more back on the equity than i did at the start of signing thanks again

Hi sharkey,

In terms of your planning it's going to be really important to know whether or not your home is going to be revalued at the end of the Scottish Trust Deed (and therefore whether the £8000 is a fixed amount or not). It does sound like it might be but no harm in being sure.

I'd suggest that you contact your Trustee to establish what will happen and let us know what they say.

thanks TDA BUT IS THIS NOT COMMON PRATICE

hi sorry for all the questions but will my car be taken in to account at the end of my trustdeed. my situation is my brother bought my car and i pay him £150 per month it will be finished next year 2011 it cost me £4000 but i will have 1 year to go when i have finished the trust deed will the car become a asset after it term and will i have to pay the trustdeed some thing for the car

Hi sharkey,

Some Trust Deed firms will value your home at the start of the Trust Deed and provide the figure to be handed over in lieu of the equity. Others seem to revisit the situation at the end of the Trust Deed.

Our experts suggest that anyone considering a Trust Deed get the way this will be handled clarified in writing prior to signing the Trust Deed so that all parties know where they stand.

Who do you consider to be the owner of the car? Is it on hire purchase?

hi TDA well i think my brother is the owner at the minute as he was the one who paid for the car up front as i am making a payment each month i supose i am paying him hp but the question is will they see my car as asset at the end thanks

Hi sharkey,

I guess this will come down to how much the car is worth and whether your Trustee believes the car to be yours or your brothers. Interested to hear how the experts might interpret this.

hi is there a morgage broker out there that will give a remorgage to people like us

Hi sharkey,

A mortgage broker has knowledge of the acceptance criteria being used by mortgage lenders at any point in time. They can review your circumtances and needs to compare them to the acceptance criteria being used by the lenders.

You will need to know how the remainder of your Trust Deed will be handled before they are in a position to try to help you.

We would suggest that you speak with two or three local mortgage brokers when the time comes. You should be able to find them in your local Yellow Pages unless you know someone who can refer a broker to you.

thanks TDA another question when a third party member intervens and will give you the money does that have to come from his/her account or can he/she give you the money to give the trustdeed . or does it really not matter where it comes from as long as they get there money