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Scottish Trust Deed Forum
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Topic starter
09/07/2019 4:23 pm
Hi,
I took out a trust deed in August 2013, finished in August 2016, and was discharged in February 2017. I was hopeful that given the advice received from Wilson Andrews when i signed up to the TD that i would have adverse credit for 6 years, that i would be in a position to get a mortgage in August 2019 with my new partner (good credit rating), six years after signing my TD. I have now been to see 2 mortgage advisors who have told me that it will still affect my credit rating and ability to obtain a mortgage up to 6 years after discharge, therefore Feb 2023, without the need for a 25% deposit and a huge interest rate.
The information appears to be conflicting with Wilson Andrews telling me it'll all fall off my file next month, and financial advisors telling me i have another 4 years to wait.
Any positive stories out there or good advisors that people could recommend?
Thanks
09/07/2019 5:57 pm
Welcome to the forum mortgagehelpplease.
Our advice about getting a mortgage after a trust deed can be found at the following page:
https://www.trust-deed.co.uk/repair-your-credit-rating.html
There are lenders who will consider a mortgage application a couple of years after you have been discharged, but they're limited and the rates may not be as attractive as you'd hoped. The conditions and terms might also not be as attractive as you would wish for.
They're not lending on your credit score. They're factoring in their perception of risk given that you're relatively recently discharged from an insolvency.
As time passes you'll have access to more products from more lenders. The terms on offer are likely to improve.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
10/07/2019 5:33 am
Hi
I was approved for a mortgage with Nationwide in July 2013, almost 2 years after I was discharged from my trust deed.
This was a council right to buy however - our discount was seen as a decent deposit of more than 20%
Use a mortgage broker that searches whole of market to give yourself the best chance and good luck!
10/07/2019 10:25 am
You can make sure your file is clean
Check all of the free services, ClearScore, Noddle, MSE Credit Club.
Make sure all the dates of defaults for both open and closed accounts are as of the date you signed (this will be the same date as in your public records section for your PTD).
Make sure all defaulted accounts (OPEN and CLOSED) are marked as Settled or Partially Satisfied.
for anything that is wrong write to the lender and ask them to make the correction and they should do this very quickly and you will need to send along a copy of the Form 5 at the same time
Everything will then come off at the same time which will be 6 years from the date you signed the PTD and you should then be good to apply for a mortgage just like everyone else.
I would also look at a Broker you're FA is miss-informed. Have a look at this from the ICO https://ico.org.uk/your-data-matters/credit/
Topic starter
27/08/2019 12:03 am
Thanks everyone, very interesting, i may seek some further advice from a mortgage broker now that the TD is off my credit file.
Thanks
02/09/2019 4:57 pm
Clark Gillone helped me and can’t recommend them highly enough. See post of mortgage success
