Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

By stupidandintrouble
#189387 hi,i am in a trust deed nearly a year now and may want to move house,my equity was dealt with at beginning and interest bought out but i am not sure how it works if i move. can i go for a higher mortgage as price of houses much higher now or can i only go for one at the price my own sells at also depending on if i can get a new mortgage arrangement.
By wdm
#189684 You can get a higher mortgage provided you can find a lender prepared to lend to you at an affordable rate and so long as you can afford to continue whatever monthly contributions you are making to the TD.

Have a word with your IP though.
By jade
#190363 Be careful here and dont do anything before you speak to the IP - some IPs will take all (or your half share if jointly owned) the equity/profit if you sell your property during the TD period despite your having dealt with the equity already.

It works like this - if your property was valued at the outset of the TD at £100k and your mortgage was £90K your equity was £10k and you have paid this to the Trustee. If however you now sell your property for £120k pay your £90k mortgage you stand to make £30k you have paid your Trustee £10k - you are still £20k in profit - the IP could not ignore this fact.

I am not saying it will happen but please check with your IP and get something in writing from them okaying the sale etc
By stupidandintrouble
#191110 Thankyou for your reply i will tryand hold off for the next two years,when td finished otherwise if profit was to be taken from me then i wouldnt be able to afford to move so thanks for your advice.