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09/07/2015 2:09 pm
Hi all,
New to this forum and just looking for some advice. I was discharged from my TD in July 2013 and thought that was the end of it. I have been steadily building my credit back up and it is now sitting at good but dont think it will move from there until the defaults fall off in 2016. I was notified last week that my trustee is yet to be discharged as they were investigating PPI. I have since sent them evidence to say no PPI were on the accounts and they have said that once creditors have been notified they should be discharged within a couple of weeks. However, it will then take another year for my name to be removed from the AIB insolvency register. I was told that as soon as the defaults drop off my credit file my chances of getting a mortgage would be good but the questions I have are:
1) Will my name being on the insolvency register even although discharged make a difference to future applications?
2) Has anyone actually obtained a mortgage after a TD from a high street lender - will they take the TD into account or will they go on my credit file and current finances?
If anyone can share advice or experience of this it would be greatly appreciated?
09/07/2015 3:33 pm
Welcome to the forum banks11.
Every mortgage lender will have their own way of judging applications, so we cannot presume to give you definitive answers on your questions.
However - I don't think being named on the insolvency register will make any difference. Your discharge (in 2013) will be the matter that most lenders are concerned about.
Any lender could ask on their application form whether you've ever been in a trust deed and you'd be obligated to answer that honestly - even if you weren't on the insolvency register and/or it no longer showed up on your credit report. If it's important to a lender they'll find out one way or another.
High street lenders tend to be amongst the most conservative and some might therefore prefer applications from people that have been discharged for more than two years.
To be honest - I think a relatively recent trust deed will be of interest to pretty much every mortgage lender. That's why we suggest people get in touch with a mortgage broker.
Brokers can check acceptance criteria very easily (for example - a lender that will accept applicants who have been discharged for more than two years) and focus in on mortgage products which are more likely to be available to you.
More thoughts on this subject at:
https://www.trust-deed.co.uk/repair-your-credit-rating.html
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
09/07/2015 6:40 pm
Thanks for that. I have spoken with a couple of brokers, one who said there wasn't much point in trying to get a mortgage until the defaults had dropped off next year and one who thought there would be a few lenders who would consider - for what rate might be a different matter!! So I will see what comes of it. Its reassuring that being on the AiB register isn't too big a deal as long as I am discharged.
