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bellamacv1970
Contributor

7 Posts

Posted - 12 August 2019 :  10:03:30  Show Profile  Reply with Quote
Hi,
Both myself and my husband are in Trust Deeds. My one only started in January so have about 4.5 years to go, but my husband only has around 2 years left of his. Our fixed rate mortgage has recently ended and the payment has jumped from around 750 to 950 per month. Just wondering if anyone has managed to switch onto a new fixed rate with their mortgage provider? Will they even consider this if we are both on Trust deeds? Thanks for any advice in advance.

TDA (Debt Adviser)
Trust Deed Expert



13192 Posts

Posted - 12 August 2019 :  10:08:39  Show Profile  Reply with Quote
Hi bellamacv1970.

Lots of people switch to new mortgage deals with their current lender during a trust deed.

Your credit rating isn't very important for this because, assuming you aren't taking any further borrowing, the lender gains no additional risk from moving you to a new product.

The main question is whether your mortgage lender is offering replacement products. Many do, but some don't. Best to call them ASAP and ask them.

You should also make your trustee aware of any change in the payment amount.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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