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Scottish Trust Deed Forum
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Topic starter
07/04/2015 1:55 pm
I've made my final payment to my trust deed and I'm now going through the discharge process.
I've just spoken to a financial advisor (provided by my trustee as part of the discharge process) and asked about obtaining a mortgage down the line. He said that due to current legislation I will not be offered a mortgage until six years after I have been discharged. This is at odds with what I've read while researching (on here included) and wondered if anyone could clarify?
I know there are lots of different factors involved. My plan was to save 5-10% over the next 2/3 years (I know in any case the bigger the deposit, the better) but now I'm feeling slightly deflated at potentially adding another 3 years on to that (I don't want to be 37 and still living with my parents! May as well go back to renting).
I checked my credit report with Equifax a few months ago which stated it was 'fair' (I expected very poor, what with the trust deed) and the score was higher than the UK average - although I know this is to be taken with a large pinch of salt.
I am now behaving financially responsible in a bid to keep improving my rating but wondered if anyone else had seen the light at the end of the tunnel or if I will definitely have to wait six years?!
07/04/2015 2:38 pm
Hi there.
I think you've been told a load of nonsense. "Current legislation"! Wonder if the advisor could point you to it?
Plenty of people here have got mortgages in a shorter post-discharge timescale than six years.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
07/04/2015 3:49 pm
He's probably thinking that the TD shows on your file for 6 years but is oblivious to the fact it's 6 years from starting the TD rather than 6 years from finishing.
Glad that's over with....
08/04/2015 5:52 pm
I was told by an advisor at Yorkshire Building Society that they would be looking for 15% deposit and would consider me 3 years after discharge date.
I also read that Skipton would accept you 4 years after discharge.
Some of these "experts" have no idea what they are talking about.
Good Luck with the saving and getting the mortgage [:)]
j smith
08/04/2015 6:11 pm
I think the surprising thing is that the mortgage advisor was recommended by the Trustee when they are clearly providing false information.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
08/04/2015 11:09 pm
Thanks for confirming what I thought! I'm just pretty shocked that I've been given such duff information by someone partnered with my trustee's firm whose sole aim was to explain the discharge process and advise me on how to live post discharge! I'm so glad this forum exists. Think it might be worth telling my trustee about this.
09/04/2015 2:55 pm
Most IFAs have no clue whatsoever about debt solutions.
To be fair, the majority would acknowledge that.
The dangerous ones are those that have no clue but act like they're experts.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
