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Scottish Trust Deed Forum
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Topic starter
14/05/2013 8:38 pm
Hi,
I wondered if anyone could tell me how best to find a financial advisor who has dealt with people with a trust deed?
My trust deed ends in October and my husband and I would love to buy a house next year. He has been in a debt management plan which is now paid off so neither of us has a good credit history although we are still paying mortgages on both our properties and have never defaulted, we will also have a really big deposit when we sell his. I don't want to sell mine yet as I know this is showing good credit, it doesn't have much equity but I paid money at the start of my trust deed for my property not to be taken into account.
I just want to make sure I do all I can to improve my credit rating before we try and apply for mortgages and wondered if there are any companies who deal with this kind of situation..
Thanks
kg
14/05/2013 9:13 pm
Hi kg
I'm not sure how much you can improve your credit rating while you are in the trust deed, however the large deposit you mention will go a long long way to obtaining a mortgage in the future.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
14/05/2013 9:41 pm
the mortgage market will open up much more when the trust deed drops off the files. There are mortgages available to people with colourful credit histories but as well as a large deposit expect a higher APR.
Approach a whole of market broker to discuss options when the time comes.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
14/05/2013 10:19 pm
Hello falco28 and welcome to the trust deed forum.
When it comes to mortgage brokers I don't think you can beat a personal recommendation.
Have any of your friends, family or colleagues used a local mortgage broker that did a good job for them?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
15/05/2013 2:05 pm
Hi falco28,
Paul makes a good point about a ÔÇ£whole of marketÔÇØ mortgage advisor. Some mortgage advisors only use a select panel of lenders for their mortgages and others will consider all of the market. You need someone that will look at the whole mortgage market for you and not just a select group.
A large deposit will certainly help and reduce the risk to the new mortgage lender. Have you considered speaking with your current lender regarding a new mortgage? They may be prepared to lend to you both as they can see your history with them.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
15/05/2013 3:25 pm
Thanks for all the advice. I will look into mortgage specialists who cover the whole market and my own lender once my trust deed finishes in a few months. I have another 3 years before this would drop off my credit file but hoping I could get another mortgage before that.
kg
15/05/2013 4:21 pm
Hi falco
Always best to shop around and see what's out there.
Hopefully one or more lenders will take a sensible view rather than the standard computer says no approach.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
