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Topic starter
15/08/2017 10:20 am
Firstly, just want to say thank you to everyone on here who has offered me advice and support through every stage of my trust deed. Although being made redundant from my job was the reason I entered into a Trust Deed it's not something I would like to ever go through again.
I seen some various posts on here about mortgage applications and the different pieces of advice that people have been given before applying for a mortgage, I thought I would share my story of how I managed to secure my mortgage. I should also point out that this is not intended to be a success guide and everybody's circumstances will be different.
I was discharged in 2014, fell off the AIB search (for both me and trustee) in early 2017. All the defaults disappeared from my credit file in June 2017.
1 year after discharge I took out a credit card with a low credit limit and kept up the payments on it. This improved my credit score and since my revolving credit balance was £0, my Experience score was 996
So 2 months after everything fell off my file I was ready to apply for a mortgage. I approached a Glasgow based, whole of market broker and explained everything to them. I can't stress enough how important it is to be honest and upfront about your trust deed to the adviser and mortgage provider.
We looked at various providers who will consider people with trust deeds int he past as long as you have been discharged for 3 years. In the end we submitted an application to a high street bank/building society and submitted all my payslips, bank statements and my Form 5.
My Agreement in Principal came through instantly and this was followed by a full mortgage offer within 9 days. It definitely helped that I had 15% deposit and they never questioned anything else about the trust deed. We also ticked the box to state that I had previously been in a trust deed/iva on the application and this did not instantly reject my application. The underwriter came back to ask a few affordability questions but the offer came through soon after.
All I can say is that there are lenders out there who will offer mortgages to people who have been in trust deeds and as long as you are up front an honest it takes all the worry away about them possibly pulling your offer a couple of days before you move in.
I this helps but if anyone has any questions please post below and I shall answer as best as I can.
15/08/2017 11:09 am
That's an excellent success story jamie12.
Thank you for taking the time to share your experience with others here. I think your advice is excellent.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
16/08/2017 10:02 pm
A fantastic success story Jamie. Thanks for coming back onto the forum to share the update for other people. I'm sure it will give a lot of people confidence and reassurance about life and especially a mortgage after a Trust Deed.
As an advisor when initially speaking with people about their debt they are always worried about their future credit rating and ability to secure things like a mortgage or finance on a car. It's easy for me to reassure them about this but to hear success stories like this I think helps an awful lot more and that's the fantastic thing about the forum.
Good luck for the future and enjoy being a homeowner.
David is not currently posting in the Trust-Deed.co.uk forum
25/08/2017 6:14 pm
Hi can I just ask, did you get mortgage approval after everything was off our credit file? I have been out my TD for 5 years, so in 1 more year all the bad credit will fall off my file but I wanted to apply for a mortgage now. Should I wait until it's all off???
I
29/08/2017 10:35 am
Chillypink everything should come off 6 years after starting your TD not the date you finished. All default dates should have been the day your signed the TD and the public record should come off 6 months from that date too. All defaulted accounts should disappear 6 years after the date that you signed up and they should have been marked as settled/partially satisfied.
If that never happened to you you should get writing to all of your creditors now and everything should be taken off your credit records.
09/09/2017 1:42 am
jamie12 thanks very much for putting that post here, very encouraging. Whilst I have no intention/desire to apply for a mortgage it might mean I risk an application for car finance sooner vs later
