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stuartrae1
Contributor
13 Posts |
 Posted - 19 January 2010 : 19:37:45
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| hi,my fixed rate mortgage is coming to an end,since i took mortgage i have entered a trust deed and was wondering if this will stop me from shopping around for a better rate mortgage. |
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Trust Deed Assistant
Trust Deed Expert
963 Posts |
Posted - 19 January 2010 : 19:52:19
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Hello stuartrae1,
A Trust Deed will not stop you from shopping around but may affect the availability and terms of new deals.
It would be best to speak with a mortgage broker as many of the better known mortgage lenders are not involved in new lending where there is a Scottish Trust Deed in place.
What will happen to your mortgage, if you take no action, when the fixed period ends?
Is your lender prepared to move you onto a new "deal"? |
Scottish Trust Deed Forum Web-Facilitator.
To get personal advice on Scottish Trust Deeds please add your question to this forum, call 0800 0437201, or complete the "Contact Us" form available on the left-hand menu. |
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stuartrae1
Contributor
13 Posts |
Posted - 19 January 2010 : 20:17:37
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| hi tda,im not sure what will happen as not been in contact with current lender yet but i have been getting lots of phone calls askin if i want a quote for a "better deal" but not had discussions with anyone and explaining im in a td. |
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Trust Deed Assistant
Trust Deed Expert
963 Posts |
Posted - 20 January 2010 : 00:28:05
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Hi there,
Many mortgage lenders want to keep their loyal customers. If your mortgage is paid on time every month they may well offer you a replacement "deal" to keep your custom.
They are unlikely to credit check you if you have a good payment record with them and you are not looking for any additional funds.
If there is a requirement for you to raise additional funds for the equity in your property towards the end of your Trust Deed you should factor this aspect into any decision about "locking into" an extended new "deal" that runs beyond the end of your Scottish Trust Deed. |
Scottish Trust Deed Forum Web-Facilitator.
To get personal advice on Scottish Trust Deeds please add your question to this forum, call 0800 0437201, or complete the "Contact Us" form available on the left-hand menu. |
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stuartrae1
Contributor
13 Posts |
Posted - 20 January 2010 : 19:52:09
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hi,thanks my mortgage payments have always been paid on time,i have never missed one,thanks again
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re mortgage
