Equity and trust deeds

[goneunder]

I entered a trust deed 4 years ago in August . I made all of the 36 monthly payments . i then have to but out the equity on my property to finish the trust deed.

At the start in 2008 i was informed by my trustee that i could easily remortgage to raise the equity.However, due to the banking collapse this is not possible as no bank will allow a re- mortgage until you have been out the trust deed for one year .

Banks will not give me a loan either .

I continue to make monthly payments to reduce the equity but by nest august i will have only paid about 5000 of 22 000.

To be honest i have no idea what to do now , i could lose my home , but i have made all the payments , i was badly advised and am caught in catch 22.

Any advice would be appreciated

[IdaInFife]

did the trustee advise you regarding the remortgage verbally or do you have this in writing?

[goneunder]

I don't have it in writing. It was a shrug of the shoulders and " that won't be a problem "

 

How wrong were they !

[IdaInFife]

There are banks that will do remortgages in these circumstances but will have higher interest rate etc but it would not be easy to obtain one.

 

You can ask your trustee to extend the trust deed

[goneunder]

It already has been extended , it cannot be extended beyond aug next year . there is no bank willing to remortgage that i know . can you suggest some ?

[IdaInFife]

the banks take in to consideration of all your financial details and if they are unwilling to give you a remortgage - their is not much more than can be done as trustees are aware that it is not always poss to do so. Is there any family members that can buy your share out? Is their any dependants in the house?