Hi caddy77

I can't see how this can be true. The mortgage company will do the normal credit check and nothing will show.

I'd be wary of general statements made by brokers.

Mark

So we really should be free of our trust deed and not have to confess to it every time we try to apply for credit of any kind, as she implied?
Thank you for your quick response.

Hi

My wife and I recently secured a mortgage with Nationwide. I was discharged in September 2011 and the TD still shows on my file. The broker seems to be leading you up the garden path here. As Mark says, how would they know you have been in a TD if it has dropped of your file?

That's reassuring that you got a mortgage. Because we went to her initially with defaults on our file we told her about the trust deed. It now seems like she is treating us like a special case saying we will have to be referred etc! It was Nationwide that she suggested may lend to us though so we will have to hope she is talking nonsense and they will give us a mortgage! Thanks for your reply.

We were referred, we had to provide bank statements,pay slips etc etc but we got there in the end. I think you've got a very good chance of securing the mortgage and we got a very good 5-year fixed rate. One thing, we did council right to buy so we had a 20% deposit which was our discount.

That sounds good, we handed over bank statements and everything and we have good deposit too. Maybe she is being cautious with us because she knows our history and Nationwide will just look at us as we stand now. Very reassuring to hear your positive experiences, wish we had discovered this type of forum and support back in the early days of the trust deed which was a horrible lonely time!

I was lucky and found the forum early on, It was a great source of support and advice. That's a good sign that they've asked for bank statements etc, they don't ask for them for no reason. Can I ask where you are in Scotland? Your experience is almost identical to mine!

Perthshire

Lets hope our experience continues to be identical and we get a positive result in the end too!

I'm almost certain you will.

Hi caddy77,

It sounds like you have made a real effort over the last couple of year to deal with the difficult position you found yourself in after losing your business. I think being proactive really does help when it comes to improving your credit rating and also tidying up your credit file. Often I'm asked about how quickly a clients credit rating will repair and I advise it has a lot to do with how much effort the client is willing to put into repairing it.

I'd agree with Mark in that I can't see how this statement from your IFA could be correct. After a period everything on your credit file should be good and with a little hard work from yourself to improve this. I can only see it being a problem if your specifically asked in a mortgage application if you have every been declared bankrupt or entered into a Trust Deed.

I think personally It's always good to speak with a number of people when it comes to think like debt advice, mortgages and so on. I remember when applying for a mortgage and one IFA told me various things which when I checked with another it wasn't quite the case. I completed my house purchase in 4 weeks whereas the first advisor said it could be 2 to 3 months and I'd need to provide various pieces of information. You might find a different IFA has a different opinion/outlook on things so I'd suggest maybe speaking with another.

Good luck and let us know if you do manage to secure a mortgage.

Thanks for the advise, if we are not successful this time then we will definitely seek a second opinion. Would you still recommend a broker or could we just go straight to a bank?
If we do qualify for a mortgage I will certainly let you know!

Hi caddy77.

Stick with brokers.

Going direct bank by bank is just a lottery.

The only downside to a broker as opposed to direct to a bank is the fee they charge (in our case £400) but we had no idea at all who to approach, so it is money well spent.