Hi, Unfortunatley in the current climate you will not be able to raise the additional monies while you are still in the trust deed. Due to the limited equity within the property you may also have difficulties once the trust deed is finished.

You can however transfer onto a mortgage product with your existing lender . So long as you are not increasing the borrowings you will be able to transfer onto another product as no credit check is done at this stage. There could be a sizeable monthly saving particulary if you are currently on a fixed rate.

hi there when a third party pays for you,ie equity does he/she have to show that the money has come from his/her account. OR can they pay cash in to the account which the trust deed has set up. or is the trust deed not really bothered who pays the equity as long as its paid thanks

Hi sharkey

No, the Trustee needs to be sure that the payment has come from a third party and not from hidden savings or funds owned by the individual in the Trust Deed.

Mark

hi mark so when the 3rd party pays so aslong as the trust deed sees its come from another bank account thats fine and the matter is closed out and the 3 party will not be bothered again by the trustdeed thanks

hi guys please can you help . how would the ip deal with the situation of my self paying my share of the equity from a freind. but my wife not be able to , would they give her a bit longer and how long would that be thanks

Hi sharkey,

It is really up to the discretion of your trustee, but I would be very surprised if they were not willing to give your wife some leeway in order to get something organised.

thanks kevin , would they do a revaluation on the house after my wife time was up on the trust deed , or would she still pay the same amount she agreed at the start of the trust deed

You'd need to ask your trustee, sharkey. The guidance trustees have is that the equity position used should be that at the start of the trust deed, not at the end.

hi kevin i am trying to grasp this, it was at the start of the trustdeed that i was told we had to pay £5000 each for the equity so thats fine. so they cant ask for a revaluation if i have paid my share but they would be prepared to extend the deedfor my wife share for a bit longer i am right in saying this thanks

Hi sharkey,

I think that you need to confirm with your Trust Deed company how they intend to proceed.

Kevin has mentioned the guidance but these things can turn out to be a little "grey" rather than "black or white".

Could you let us know what they tell you?

Hi, In the current climate you will not be able to re-mortgage to another high street lender while still within a trust deed. I would suggest that you contact your existing lender to see what products they offer . No credits check is carried out for this, you will not however be able to obtain further borrowings.

hi Guys still reading through the comments that are coming in glad to see plenty people getting good advice like i was getting great web site .. i am aproaching 2 years now in to my TD ,please can you tell me whats the norm when i go for closure do i have to go to my td and sign papers and will they ask me for anything else thanks regards sharkey

Hi Sharkey

No, the closure is part of the process. There is no need to sign any particular document.

All things being well, this should commence on the 3rd anniversary of the Trust Deed.

Mark