Hi Rabbyson

I'm not sure exactly what you mean. I assume you have a property that is in your wife's name with a mortgage in her name only.

I'm not sure altering the current position would make a great deal of difference although if you were looking to sell and buy a new place, then I'm sure both salaries, together with a sufficient deposit would assist.

Mark

Welcome to the forum Rabbyson.

I think you're looking to move to a more expensive home and think you might need both of your incomes to make that possible?

It's a tough question to answer because there are so many variables involved. For example, how your credit report now appears, each of your earnings, the size of deposit you can offer, and the lending criteria of any particular lender that you might approach.

The best thing is to get in touch with a mortgage broker (or two) locally, explain your circumstances and what you want to do, and send them away (nicely of course!) to research the mortgage market for you.

We have forum members that have been able to obtain a mortgage in the years after a trust deed ends, and we also have forum members that haven't been able to make that happen.

Hi Rabbyson
When coming out of a Trust Deed some people find it hard to gain credit from main stream lenders, however you have managed to get some small credit, which is good and should improve your rating.The only way to find out if you are eligible is to speak with qualified Mortgage Adviser.

Michael

Hi Mark thanks for your quick reply
Yeah it is my wife's house and it is only her that is on the mortgage. We viewed a house in April and when we told the estate agent about my situation he said that I would need to wait at least another 5 years before I would be considered for a mortgage. Is this true as we have seen another house in our area that we are keen on
Thanks
Robert

Hi Rabbyson.

The "five year" comment is total nonsense, a number plucked out of the air.

Have a chat with a whole-of-market mortgage adviser to see whether deals that meet your needs and circumstances are available.

Hi Rabbyson
They may have been referring to this period as your credit rating could be effected for up to 6 years. TDA is also correct in saying that some people have been successful in getting a mortgage and some have not. That is also my experience with clients to. It maybe the case that if you are succsessful, then the lenders, that are prepared to allow you to borrow, may charge a higher rate of interest, but seek advice from a few mortgage advisers and this should give you clearer picture of who will lend or not.

My husband will be 2 years out his in January. Have you had any luck with this? His credit scores getting better & he also has green credit now showing on his report .

Thanks

Hi Gemma and welcome.

How long is it since your husband first signed his trust deed?

Hi, it will be 5 years in January from when he started the Trust Deed.

This is our position just now:- I have sold my house we live in & the buyers moving in on the end of the month. my husband has 1 or 2 default satisfied showing on his account. He has no debt, earns £48,000 basic plus £5,700 car allowance & expects to earn £10-15k commission next year. We are looking at houses to buy around £125k, we've just sold our current house for £76,000. My current mortagage redemption figure is around £61,000 & I can borrow money off my parents for more deposit if need be. We could go to around 75%ltv but we'd rather be around 85%ltv. I have an excellent credit history & we both have no reliance on our overdraft. Since he has came out his trust deed in January 2011 he's now paying utility bills & has a couple of pre-paid credit cards with credit building functions that has now settled - so has green on his credit file across the board.

I have a lease car which is £202 per month that will be continuing. I also have a credit card & car loan but this will be cleared with the house sale.

Thanks for any help x

Hi Gemma,

I completed my TD in September 09 and was discharged in Feb 10. Last September I got a joint mortgage with 75%ltv with my current account provider. Our application was sent to the underwriters and took about a week to be approved. My partner had no credit rating really (never had contract mobile/credit cards) and my defaults although marked satisfied still showed on my credit report as well as the completed TD, as well as since TD finished I had an overdraft facility, contract mobile, credit card, catalogue and a car loan which was paid in full. The great thing about going with our bank was that we got a very good deal and did not have to pay through nose or have a sky high interest rate.

It is always worth an informal chat with your own bank before looking at sub prime lending.

Paul

Hi, he banks with TSB, we still have separate accounts. So i'll get him to call them. Thanks 🙂

You should find that they will be able to give you a "decision in principle" very quickly. It does not constitute a formal mortgage offer (you would need to identify a property etc first for that), but will give you a good idea as to whether you are likely to have any problems and what kind of deposit you might need.

Thanks Kevin. If we pass the score I'd be over the moon. Just don't want to generate much scores. Was wondering if there were any high street lenders that would look at the case as an exception. Think we'll try 79% ltv as they tighten things up over 80% with a lot of lenders with the different ltv bands. I'm going to wait until I get the sales proceeds, clear my credit card & loan & then apply for a joint mortgage. Fingers crossed 🙂