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Scottish Trust Deed Forum
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Topic starter
20/07/2015 3:13 pm
Hi,
I currently have an existing joint mortgage which has always been paid on time. During this time i entered into a trustee which is now ended. I am looking to re-mortgage with my current provider, will this be effected by the trustee?
Thanks
M
20/07/2015 4:06 pm
Welcome to the forum MRobertson.
A protected trust deed will have a significant effect on your credit rating. This will usually continue for some time after you have been discharged.
If you're looking to raise additional funds from your current mortgage lender (or any other) they're highly likely to do a credit check. Your current credit rating may well be an obstacle, but you'll only find out by applying.
If you're looking to simply move to a different mortgage product (not raising additional funds) it's less likely to be a problem usually. The lender is potentially not taking any extra risk if they're providing no further funds to you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
21/07/2015 10:30 am
I'd be tempted to simply ask your current mortgage lender if any deals are available to you but you may find it hard for a while until your credit rating improves.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
21/07/2015 11:12 am
It's a question that comes up quite a lot as people may be in a fixed rate mortgage or similar which ends before the Trust Deed finishes and they are concerned that the bank will look at this and need to deal with any change as a remortgage which would be difficult. However the position is when the fixed rate finishes, it changes to the banks normal rate. So the only real change is the amount per month!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
