Hi boys1211,

I've just noticed that you have made your 100th post to the forum!

I think it's a difficult one and one that you will only be able to test by applying for a mortgage or investigating this further. I think it's only natural that an mortgage advisor will think that it's going to be extremely difficult to secure a mortgage with a poor credit rating and that they believe it won't happen until you credit rating has cleared up. You may find a mortgage advisor who will spend a bit more time and effort looking at the market for you but again I think it will be difficult.

It really comes down to the individual lender and their lending criteria. A lot of it I think has to do with risk and at the moment you would be seen to be high risk lending.

I always try to explain it to people and for them to imagine if they were a bank and I had asked them for £100,000. When they carried out their checks, they found out that I entered into a Trust Deed with debts of £30,000 to £40,000. Would they risk lending me £100,000 knowing that I had financial difficulties in the past... or would they choose someone who has no history of financial difficulty and a large deposit. I guess that's why banks can pick and choose who they lend to.

If you can accumulate a decent amount of equity and release this via a sale of your property this may improve your chances of securing a mortgage but for this to happen before your credit rating has had a chance to repair fully I think will be difficult.

I looked at a link today which TDA posted on a previous topic regarding this and it looked like it was the first lender to move towards lending to people with poor credit. I'm sure TDA will be along shortly to provide the link so this may give people some hope.

Link on my most recent post in this thread boys1211:

http://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=4409&whichpage=2

We also know that some forum members have got mortgages after they've been discharged but before it's fallen from their credit file.

It's therefore tempting to say that the person you spoke to doesn't really know what they're talking about.

It's still likely to be very difficult, but you may wish to speak to other brokers rather than relying entirely on the dubious information you've been given today.

Thanks for this David
There is a lot of conflicting info about and as you say we may just need to take the plunge and look into it seriously. In the meantime, going to so our best to knuckle down and safe for that deposit......whenever that may be !!!
boys1211

Thanks for your swift reply as always TDA!! It will all work out in the end, we have a roof over our heads & no debt which is no mean feat in itself !!

Just can't help wishing we would have went down the TD route sooner!!

Also, speak to your current mortgage provider, they may be able to assist where others won't, assuming you maintained your mortgage payments throughout the period of the Trust Deed.

Our current mortgage is with NRAM !! Don't think they're giving any extra money to their "bad" customers ! Thanks anyway !

Ive just read the small print for Magellan Home Loans and it states property in England and Wales only 🙁

Hi, this is something I am constantly trying to read up on and my opinion is it can definitely be done but it is a lot easier in England, Scotland don't have as many lenders that will consider a ex TD but if you apply for a mortgage before it drops off your file I think you will be looking at 20% deposit minimum and 3x your wage instead of 4 1/2 and a higher interest rate.
Hope this helps

Thanks for this Whitely.
Can I ask where you get your figures from?
And do you mean 3x household incomes?

Yeh 3x, best thing for you to do is go onto money saving expert forum and put a post up and some really good brokers will advise you on what can and can't be done, I've spoke to a load recently and the figures are all around the same, the only bit that will be worse for you is that you already own a property this may get looked at a bigger risk than the likes of me who will be a first time buyer, i'm not sure but a broker is definitely the way to go and if you do decide to go for it make sure you use a "whole market" broker as this seems to be the key in making it possible get someone who has recently done a bad credit mortgage etc so they know who to apply with and who not too as the more searches you have on your file makes it more difficult.

Thanks for this information, much appreciated! Mortgages always seek to be a hot topic on here so hopefully some other folk will get some guidance too!

Would wonder why it would be more difficult to get another mortgage as opposed to first time buyer ?? We have never missed a payment & planning to over pay by about 20% monthly soon??

Just rang a company call themselves your mortgage expert. Enquiries re their criteria for people who've been recently discharged from trust deeds. Was told no chance of a mortgage until 6 years after discharge ! Had to advise the "expert" that this wasn't the case !!!

Still confused by the whole mortgage after discharge thing but not building my hopes up if us moving in next 18months.....

Can I ask where you are located?

Scratch that I checked your profile it says Glasgow,if your just looking for some advice phone portlethen financial advisors, there's 2 guys there both really nice and I know for a fact they have secured mortgages for people after trust deeds, I'd give them a call and see what they think.