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Topic starter
27/02/2014 12:26 pm
Hi folks.
As you may know re some of my previous posts, I got discharged three weeks ago and have since then put plans into operation regarding early semi retirement which of course means possibly taking a lump sum which now I am able to do.
However, was in my local Clydesdale bank this morning and just took it on myself to ask about a mortgage. I of course was upfront about the td but thought I would chance asking as I have been a loyal customer with them for the last thirty years which I thought might count for something.
While explaining that I intend to put down a 70percent deposit which I know through previous posts and advice on here gets you a better chance of obtaining a mortgage post td, I came out feeling a bit deflated.
Not because I was refused one, as I half expected that, but more the fact that they insisted that I wouldn't be considered until six years from now, ie after completion, rather than six years from whence it was taken out ie three years ago meaning in another three years time which is what I assumed it would be.
When I questioned it, she was adamant that was the case and was unsure whether it was general policy or just company policy.
In other words, it is not six years from entering into a td but nine !
Can anybody throw any light on this ?
27/02/2014 12:41 pm
Hi A.D.
I've no familiarity with the mortgage acceptance criteria used by Clydesdale. Every bank will have their own which will differ in various ways.
If they require a borrower to be discharged from personal insolvency for six years or more I guess that's a commercial decision for them.
The high street banks are typically more cautious and/or less flexible than some other less visible lenders.
There is no general policy applied by all mortgage lenders. They're free to set their own criteria and policies.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
27/02/2014 12:52 pm
Thanks Amy.
Yes she did make that very point that banks are more likely to be less flexible than other lenders.
I guess it is back to plan A ! I have a financial advisor who is dealing with my pension who is going to look about for me and did say from the outset that I will have a reasonable chance of getting something because of the size of my intended deposit, albeit at a higher rate of interest.
27/02/2014 1:02 pm
No problem A.D.
I think that large deposit is going to give you a big advantage.
Just so you know, Amy is currently on maternity leave (we updated her profile to reflect this a little while ago). Her advice team colleagues are covering as the "TDA" currently.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
27/02/2014 3:46 pm
Hi A.D
I think it comes down to the individual lender and their criteria regarding any credit application.
I've said before that my partner and I were buying a property last year and approached the bank which she works for. We had a suitable deposit, good credit ratings and affordability wise it wasn't a problem. They would give us a mortgage but it was for nowhere near what we required to buy our house. It wasn't even for half the value of the house. I used a mortgage broker and they secured a mortgage for me with no issues so it really just depends on the individual lender I think. My own bank couldn't compete with the deal that my broker organised.
Hopefully your mortgage broker is able to help you source something.
I see that's Amy now on maternity leave TDA. Wish her well from me. My paternity leave starts any day now as my partner is due this Saturday. My mobile is constantly with me and I've been warned by her not to do any home visits in the highlands and islands in case I miss the birth!
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