That's very interesting juliet. Thanks for sharing the information.

There's no doubt that saving up the very biggest deposit possible greatly increases people's chance of getting a mortgage (as well as potentially meaning they can get better terms as well).

Hi juliet,

This is excellent news and I'm sure it will give people hope of securing a mortgage after there are discharged from their Trust Deed or Sequestration.

Thanks for sharing this information and good luck saving for the 15% deposit! Some talk on another topic about savings accounts which you might find useful for opening a savings account.

that's brilliant news! I wonder if the 3years discharged is to co-incide with the 6yrs dropping off your file thing? My husband is awaiting discharge now but everything will drop off his file in August (his td was extended for equity). We are hoping for a mortgage next year but scared if it's 3yrs after discharge we could have a while to wait even if it's all gone from his files.

Hi trustdeed1

The period should be from the start of the Trust Deed and the extension should have no effect on the 6 year period. Although from previous posts, credit files appear to be a law unto themselves.

Hopefully it will all work out within the time limits you mention.

Mark

Thanks so much Mark. I hope so, we have set up a savings account with Skipton and it's them we hope to use for a mortgage next tear. I've read up and they seem to pretty good with people ex trust deed/bankrupt. I've had a nightmare with my credit file, i'm over 3yrs discharged and all of my creditors are still listing defaults every month. Hoping my husbands will be better and love the idea of the company that you can pay to sort it out for you.

Hi trustdeed1

It will be interesting to see the results. As you say, sometimes it's the better option to hand these things over to people who have the experience to deal with them.

I'm sure it will all work out in the end, fingers crossed.

Mark

Well, Yorkshire Building Society turned out not to be so great after all.

My husband and I applied for a mortgage with them on Monday, after telling them that the bankruptcy was on both our credit files, and being told by them that anything over 3 years old would be disregarded, we were turned down, I have lodged a complaint as i clearly told them that the only adverse entry on both our credit files was the bankruptcy, so they obviously do not disregard anything over 3 years old as advised before the credit check.

When I asked why I got the usual "its the credit scoring and it takes into account more than just the bankruptcy", rubbish, there is nothing adverse on our credit files other than the bankruptcy and my husband has been discharged 5 years and me 3.5 years.

Feel very disillusioned by it all when they cannot stick to their own guidelines.

Rant over, will just keep saving and see what happens in a few years time, although not happy that this application will now be on our credit files 🙁

I'm sorry to hear this juliet.

I guess it has to be borne in mind that credit ratings aren't just about adverse events. They're also about building up a body of evidence of good use of credit, and perhaps even evidence that other mainstream lenders have been prepared to offer you credit for example.

As such it's probably not possible to be certain that your analysis of the situation is correct.

Maybe speak to a mortgage broker? They'll have access to lenders and products that might not be available to you otherwise.

Boo. It must feel even worse having got your hopes up only to be let down.

Best of luck finding somewhere else Juliet

I'm sorry to hear that juliet especially when you were told that it wouldn't be a problem.

TDA makes a good point about it not just being about an adverse credit rating but also a positive one that reflects the ability to borrow and repair in a positive way. I always think back to when we wanted to buy a house. My partner works for a high street bank and had done for a couple of years. We applied to her bank/employer for a mortgage with a sufficient deposit and they maximum the bank would lend us was in the region of £40,000. They advised that as she didn't have any debt that had a part to play in their decision. I took from this that they couldn't see that she could demonstrate the ability to borrow and successfully repay debt.

We eventually secured a mortgage but it was only in my name.

I would continue to save and build up as big a deposit as possible. Speak with an IFA about things also as they may be aware of lenders with more flexible criteria.

It may unfortunately just be a case that you need to give it a little longer.

Thanks all for your comments, my husband and I do have credit cards which we pay off in full every month, that is the only credit we have apart from mobile phone contracts. This all shows on our credit files.

We have lived in the same property for 4 years and are showing on the electoral register.

I just cannot get my head around this as I told YBS everything and she said it would be disregarded, yet we were still declined.

I will update when I have heard from them the outcome of my dissatisfaction complaint, as they should not be saying they will disregard the bankruptcy then take it into account.

Thanks all for your comments, my husband and I do have credit cards which we pay off in full every month, that is the only credit we have apart from mobile phone contracts. This all shows on our credit files.

We have lived in the same property for 4 years and are showing on the electoral register.

I just cannot get my head around this as I told YBS everything and she said it would be disregarded, yet we were still declined.

I will update when I have heard from them the outcome of my dissatisfaction complaint, as they should not be saying they will disregard the bankruptcy then take it into account.

Hi juliet,

But they haven't necessarily taken it into account have they? There could be another reason as we've mentioned previously?

I do hope you're given a specific answer so that you know for sure. Often questions about credit decisions are met with less-than-specific responses because lenders don't want to give away their precise criteria.

There are no other reasons that I can see, as I said we have the deposit, we work full time and have been in the same job for over 4 years, affordability is not an issue, and all of the above already mentioned.

Like you say though I am not confident that I will get a straight answer.