Hi lorraineek

I think it's very unlikely you'll obtain a mortgage while still in the trust deed.

Re your credit file, the trust deed will remain on your file for 6 years in total and a mortgage will be difficult in that period. Previous posts have suggested obtaining a credit card, new phone contract etc to help rebuild your credit file.

Mark

Hello lorrainek.

This subject of clearing up a credit file is pretty wide!

To provide information that's useful to you it's probably best to wait until a few weeks after your discharge, get a copy of your credit file, then let us know what you can see there.

There might be no clearing required at all.

Hi,
Thanks for your replies.It is just I thought that I have seen on here that our credit files could be sorted with creditors after 6 years, ie making sure that all the information with our creditors is correct. It will be 5 years in February next year when we started paying into the trust deed.I have managed to get a phone contract firstly by starting with with a sim on contract , my husband has managed to get a credit card with a small credit limit on it.I just thought we maybe be able to move our mortgage to get a better deal thats all.

Hi lorrainek.

So long as there are no fees attached there's probably nothing but your time to be lost by trying to obtain a new mortgage.

A recently completed trust deed is likely to be a hindrance but, as we have heard from several posters, not necessarily an insurmountable obstacle.

The problem is that there are just so many other factors involved that a narrow focus on a trust deed in connection to a mortgage might lead to missing something else that's just as important. Examples of this would be affordability, income, loan-to-value and so on.

hi, thnak you for your replies as always. But unfortunately dont fully understand.But i now have a couple of questions, was looking at both myself and my husband's credit files. We both seem to have good scores, my husband has an excellent, I have a fair. But can we do anything about the defaults that on our files ?
Also our trust deed company 's charges are huge, is this the norm ?
When we went into the trust deed we had really no idea what we were entering into. That is a big story, but I really something i should perhaps look into.

Hi lorrainek.

What I was trying to explain is that there's a natural tendency after a trust deed to think that's going to be the main factor in whether you can get a new mortgage or not. For many people in the current mortgage and housing market it's just going to be one of the factors.

For example:

One person might have a recently completed trust deed and very little equity in their home so they'll need a very high loan-to-value mortgage.

Another person might have a recently completed trust deed and a load of inaccurate reporting on their credit file.

Another person might have a recently completed trust deed and a relatively large mortgage which mortgage lenders today are concerned is an unaffordable financial burden in comparison to their salary and expenses.

That's where mortgage brokers can help I suppose. They can sort through all of the potential issues that might challenge your ability to get a new mortgage rather than focussing on one while not realising that there are also others.

You cannot usually get default notices removed. However after you've been discharged they should be marked as being satisfied or partially satisfied. This is less damaging that having unsatisfied default notices. They'll vanish from the credit file six years after they arrived. They shouldn't be dated much after the trust deed began.

Trust deed fees vary a lot. We've certainly heard about some huge ones here recently. It's a concern for creditors and the "powers that be" so moves have begun to control them more tightly.