Hi Chillypink.

I'm not saying you couldn't get a mortgage just now, but if you are asking will you have a better chance once it has cleared off your file altogether then I think that the answer must be yes.

If you are asked whether you were ever in a trust Deed then of course you would have to declare it, but as far as I am aware this is not a question that is normally asked.

Hi Kevin, thanks, I knew this answer in my head and just wanted it confirmed. It's been a long 6 years and I am almost there, hence my impatience. I will wait until it's all off my record as I want the best mortgage possible.

Thank you for replying

Hi Chillypink.

The other thing to bear in mind is that some lenders will have a period of time (after completion of a trust deed) before they're prepared to lend.

For example, many mortgages won't be available unless you were discharged 2 years ago or 3 years ago.

These criteria are usually available to mortgage brokers, so using such a broker might help to avoid wasting time contacting lenders where you sit outside of their criteria.

Mortgage brokers will also know which lenders explicitly ask about prior trust deeds (that may not appear on a credit report) in their application process.

Hi TDA

I'm confused now, sorry. How would a mortgage lender know when I was discharged if it all falls off my credit history after 6 years?

Thanks

Hi Chillypink.

A lender might ask about previous insolvencies on their application form. You'd be obligated to answer honestly irrespective of what's on your credit report.

There will almost certainly be insolvency checks in the latter stages of a mortgage application. Your trust deed will remain on the Register of Insolvencies for one year after your trustee is discharged. Their discharge will occur after yours, sometimes quite a long time after yours.

Apologies that this is probably information you'd prefer not to receive.