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Scottish Trust Deed Forum
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Topic starter
09/02/2013 3:47 pm
Hello, my TD ends in August and I can not wait as we have a baby on the way and need to start thinking about buying a home.
I wondered if anyone had experience of getting a mortgage post TD? Did you need large deposit? How did you tell the bank? What was their reaction? Etc all advice welcomed. We are also thinking of going down the shared equity option and wondered if having completed a TD would go against us? We want to go open market which means if we go down the shared equity route we need one mortgage offer from a bank. We have been looking at Nationwide who offer preferential rates if you save for 6 months...all options considered at this stage, we just need a home and I want to know the best way forward without committing to a massive mortgage because of my bad credit 🙁
09/02/2013 4:20 pm
The bigger the deposit the better and the better history you can build on the credit files the better. Small amounts of credit(vanquis card etc),repaid regularly will start to show a more positive picture.
Roughly 6 years after signing is when the trust deed drops off your records and any lending while its on file may be a struggle to get accepted.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
09/02/2013 6:58 pm
As Paul says, the size of the available deposit is very important these days - not just for the availability of the mortgage but also the rate that you will be able to get.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
10/02/2013 12:23 pm
Hello Lightattheend and welcome.
This article including a section about mortgages after trust deeds might be useful and interesting for you:
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
