scottish trust deed home equity

geesabrek

hi folks
looking for a bit of advice
i am currently 1 year in to a 3 year 6 month trust deed. i have 2 queries

1 i have just completed my annual review and whilst completing it there is a section on the equity of my home. this states i have to deal with this either before or at the end of my trust deed. as my home is in negative equity(mainly because of the massive penalty clause put on my morgage by my morgage provider as i am tied into my current deal). My morgage deal will end before the end of my trust deed and subsequently there will be equity as the penalty clause will have been removed but my ip will discharge the equity in my home if i can get someone to provide them with £500 (my Brother). the question i have got is does this give the person providing the £500 any call on my part of the equity, and do i need to transfer my part of the house into thier name as i would imagine that this would involve lawyers ect adding further cost that i do not have.

2 as a follow on from question 1 if my trust deed fails and i have to go bankrupt how do i stand if i do get my brother to provide the £500 but dont transfer it into his name

i would appriciate any assistance that you can give me
regards
j

Charco_2

1. No you do not have to transfer £500 worth of equity in your property into your brother's name. You are asking him for an unsecured loan effectively in order to deal with the equity in your property. When your Trust Deed ends you'll simply pay him back the money!

2. Why would our trust deed fail?