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Scottish Trust Deed Forum
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Topic starter
11/09/2014 2:34 pm
Hi everyone!
Not been on here for a long time! Anyway, cut a long story short we eventually came to an arrangement with my husbands trustee over car equity, not what we wanted and independent financial advisors have told us they have acted unethically BUT we just wanted it done and dusted. By the end of the trust deed my husband will have been in it for 5 1/2yrs altogether. Now am I right in saying everything drops off his file at the end of 6yrs from signing the trust deed? realistically, how much longer after this would it take before he could apply for a mortgage? It would be a joint mortgage but as I don't work (i'm a carer) it really has to fall on to his income. We have been looking at the help to buy for new properties.
Thanks
11/09/2014 2:43 pm
Hello trustdeed1.
The trust deed itself will no longer be visible on the credit file around six years after it began.
This might not be the only factor however. For example, some lenders might not consider an applicant until they're discharged for a certain period of time.
A good mortgage broker should know, or be able to find out, which lenders are most likely to welcome an application based upon your circumstances and needs.
There are so many factors involved that it wouldn't be helpful for us to provide you with a potential timescale - the trust deed is just one of those factors. A mortgage broker will be the best source of advice on this.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
11/09/2014 2:47 pm
Thanks or that, I did think there would be "extra" time on top of the 6yrs. We were thinking of applying about 2yrs after the end of the 6yrs.
11/09/2014 2:49 pm
I think it all depends upon the lender.
Certainly waiting a couple of years might give you more options.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
