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Scottish Trust Deed Forum
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Topic starter
14/07/2011 3:08 pm
Hi, I am posting on behalf of my husband who is coming to the end of a 3 year Trust Deed (total debt was £20K and total repaid is £9K). His final payment has been collected and his discharge letter is due in September.
Just before the Trust Deed started, he took out a mortgage and has had no missed or late payments. There have been no late or missed payments for the Trust Deed either and the only other credit he has is a mobile phone, again which payments have been made without problem.
We are in the process of getting our house ready to go on the market and hoping to move ASAP.
My questions are:
1) will any lenders be willing to offer him a mortgage or does he have to wait a certain amount of time before applying?
2) Are there certain lenders who specialise in this area?
3) Will the rates be higher than average?
He has enquired with his existing lender (Acenden who seem to be a high risk lender) and they are calling back to discuss tonight. But if anyone could please help in the meantime, that would be great.
Thanks
14/07/2011 3:23 pm
Welcome to the trust deed forum zeeboo.
Providing advice on mortgages is a separately regulated area so we can only be very general in the comments we provide. I'd suggest that you contact a mortgage broker to get advice specific to your circumstances.
Your husband may experience some difficulty obtaining a mortgage soon after his trust deed is complete. Doing what he can to improve his credit rating, putting together the biggest deposit possible, and applying for a mortgage that he can comfortably afford, will all be things that might be helpful. Even so, if a mortgage is available it may well be on terms that reflect the recent credit issues in the interest rate and other costs.
There are some lenders that will consider applicants with less than perfect credit records. Many of them you will probably never have heard of so the guidance of a mortgage broker will be useful. Many of the well-known high street banks will not want to lend to anyone with serious recent credit issues.
It's a very good idea to speak with the existing mortgage lender on this subject.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
