Hi Indebt999,

Don’t worry about coming on to share your thoughts and how you are feeling. That’s the great thing about the forum and them in general.

Are you trying to release some equity for something in particular?

It could be the case that the mortgage advisor doesn’t really have much experience dealing with people who don’t have a great credit file and therefore he might not think it’s possible to release equity.

I would suggest shopping around for a mortgage broker and be up front about your credit rating and past Trust Deed. You might have to call a couple but you could find someone that is happy to assist.

If your re-mortgaging to release equity then make sure you pay attention to how much interest you will pay back and if the new mortgage payment is affordable for you. The last thing you would want to do is put your house at risk.

Try to remain positive about things and look at the positive of being debt free. Things should eventually become more positive but it may just take a little more time.

Hi Indebt999.

Hopefully the mortgage broker is just trying to manage expectations rather than painting a rosy picture that might turn out to be false.

The reality I suppose is that 13 months after a trust deed there will still be a high number of lenders who aren't looking to attract your business. This will change over the course of time, but I appreciate that must feel very frustrating after the commitment you made to addressing your debts.

One of our team attended a presentation some time ago from a senior employee at Experian. A question was asked why lenders weren't more open to lending to people who had completed an IVA (which is quite similar to a trust deed) given the skill and dedication that they'd shown to managing their household budget for an extended period of time.

The answer was that their data suggests that (on average) people who have completed an IVA tend to continue to be a poorer credit risk in the future than people who have not previously used an IVA. Unfortunately this kind of data (if it remains true of course) is bound to influence the lending criteria that mortgage providers put in place.

I do hope that your meeting is positive today. We are certainly hearing from people who are obtaining mortgages after completing their trust deeds.