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Scottish Trust Deed Forum
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Topic starter
01/04/2011 3:51 pm
Hi
we have reached our final payment and would like to know hopw easy it is going to be to move our mortgage to a new lender, we are currently with northern rock asset management and our fixed period is about to end in about 4 months - will we find it difficult to find a new lender - oh my husband is self employed
01/04/2011 4:00 pm
The short answer is yes, it may well be difficult given your credit history. A lot may depend on how much equity there is in your property (though I am assuming not a great deal if you are in a trust deed) and how much you are earning. Self-employment can cause problems too, as self-certification is no longer available as far as I am aware so a lot of evidence would have to be provided.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
01/04/2011 4:10 pm
So really we have no option but to pay over the odds for the mortgage we have and to stay with NRAM.
01/04/2011 6:45 pm
Hi Denise.
Congratulations on reaching the end of your trust deed.
There is nothing to stop you asking a mortgage broker to have a look at it for you.
As Kevin mentioned, mortgage availability is very limited for all sorts of groups of people right now and that includes people with impaired credit records. You might want to have a read of the "life after a trust deed" page on this site as there are things you can do, over time, to restore access to mainstream credit sources if that would be valuable to you.
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