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Scottish Trust Deed Forum
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Topic starter
09/11/2018 3:30 pm
Hi, looking for advice for a friend who is trying to get acceptance for a mortgage after trust deed.
He has completed everything, been discharged march 16, and as 6years after protected date has passed all evidence of td has been removed from his credit file, he has an experian credit score of 999, he recently inherited money which he is hoping to use as a deposit for a bigger house as his family is bursting out of his current flat. The only mortgages he has been offered have rediculous despoit % required, the amount that nobody can afford! He saw a finincial advisor who done a soft search on his credit file and said she cannot see the td. But lenders will as it will be visible to them for 6 years after discharge, is this right? Im worried about this as my td will be removed from my file in february and hope to move house in a couple of years, can anyone shed any light on this?
Topic starter
09/11/2018 3:35 pm
Sorry, visible for 3 years after discharge, not 6
09/11/2018 4:40 pm
Hi Pedy.
Was your friend's Trust Deed definitely signed more than 6 years ago? I ask because most Trust Deeds ending in March 2016 will have only been a 3-year duration, so would have been signed in late 2012/early 2013
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
09/11/2018 4:53 pm
The six years from date of signing has passed, was signed in june 2012, protected aug 2012.his discharge was march 16, trustees was jan 18
09/11/2018 7:04 pm
Hi Pedy.
If discharge of the trustee happened less than a year ago, the record will still be on the register of insolvencies.
That’s different to the credit rating question though. A trust deed will vanish six years after it began (not discharge).
Mortgage lenders will price lending as per their perception of risk. The more recently it ended, the more risk may be priced in.
As well as the register and credit records, some lenders may ask for disclosure in application forms and/or have their own historic insolvency records.
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12/11/2018 1:10 pm
If you now apply for a mortgage, the question is asked have you EVER been in an IVA/TD/DMP so of course, you have to say yes, even if it doesn't show on your credit file and was XX years ago. This is why it will be so expensive for your friend. I looked at getting a mortgage to some home improvements, only one company would touch me, ridiculous rate, because of my TD!
