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Scottish Trust Deed Forum
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Topic starter
02/03/2014 9:40 am
I have been discharged for about 1 year now. As off 16 April my Trust deed should drop off my file. Unsure if it happens overnight or not, if anyone can advise I would very much appreciate it.
Anyway, I need a bigger house and was thinking of going for a new mortgage. I have been told lenders will do a credit search and although it may not show they will still ask if I have ever been bankrupt, missed payments or IVA, which would be yes. Does anyone know if this will go against me? Or is this only for mortgage fraud purposes?
Last summer my own branch gave me a £10000 personal loan with very low interest which I was surprised at. This was paid as equity release as part of the trust deed. Since then I have obtained the next directory and been able to buy a laptop on credit. All payments for all credit accounts are upto date and intend to keep that going. How do you think banks will assess the risk and lend to me? Am I wasting my time? I got a copy of my credit report and removed alias and financial associations, all others have dropped off except the public record. Any advice on going forward will be much appreciated
02/03/2014 9:59 am
Hi Dollybee.
I think the short answer is that it will matter to some mortgage lenders and less, or not at all, to others.
Speaking to a mortgage broker would be a good idea. The good ones will know which lenders to approach.
In terms of the update to your credit file, I'd imagine this will happen at the end of the month that equates to being six years after the trust deed began.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
03/03/2014 10:00 am
Hi Dollybee,
Are you thinking of selling your current property to upgrade to a bigger one? If you are, do you have any equity that could help you put down a large deposit on a new property?
I think the bigger a deposit you have the more chance you may have of getting a mortgage as it reduces the mortgage companies risk so this may help you.
I guess the only way to find out is to speak with a mortgage advisor or speak with your own bank to see if they would provide you with a new mortgage.
It would be good if you could let us know how you get on.
David is not currently posting in the Trust-Deed.co.uk forum
03/03/2014 10:49 am
Maybe you should think about asking with your own bank, dollybee? They seem to consider you creditworthy - if you have been running your current account well then that can go a long way I believe.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
03/03/2014 4:05 pm
Hi David,
Yes, I need a bigger house. I have approx. £40000 equity, less selling /solicitor fees etc, which is still really good. Do you think I should wait till my public record drops off my credit report next month before applying? I cant put my house on the market until I know I can get a mortgage. But am thinking if I apply now and get refused or apply now and might get it and then I can get my house on the market.
Topic starter
03/03/2014 4:08 pm
Hi Kevin,
I would ask my own bank, but they wont take child maintenance into consideration when calculating the borrowing amount and therefore I wouldn't have enough to but the new house, so ill need a bank who takes that into consideration.
What am thinking is speaking with a mortgage advisor, tell him what I need and my history and see where he thinks ill sit as a risk. Surely ill get a mortgage. Am worried though.
03/03/2014 4:35 pm
Hi dollybee,
That's a decent amount of equity but I suppose it will depend on the value of the property you wish to buy.
I would say that for the sake of 1 month maybe best to wait and then apply after things drop off your record unless you have already seen a property you wish to buy and don't want to wait till then.
A good mortgage advisor should be able to tell you about your chance to secure a mortgage based on your past credit difficulties, the size of deposit you have and also which mortgage companies will take into account the income that you have. As we say to other people on the forum, if your mortgage advisor reacts negatively to your past credit history then use another mortgage advisor.
David is not currently posting in the Trust-Deed.co.uk forum
03/03/2014 5:38 pm
Make sure you use a whole of market broker. Be up front about your history and they should be able to guide you to the right product.
paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
04/03/2014 3:24 pm
If you Internet search for a company thats an animal like a horse but stripey, followed by the word money you may get help to find a suitable product if its out there!
The chap has helped several english based forum friends of mine with post iva mortgage advice. Nice fella.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
04/03/2014 3:28 pm
These clues are getting trickier Paul!
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
