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Scottish Trust Deed Forum
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Topic starter
14/03/2011 12:59 pm
Hi there,
I was wondering if you could give me some advice. Myself and my partner were both successfully discharged from our trust deeds last year. We put our home up for sale thinking that given the property market, it would take some time to sell, within this time we would save up for a deposit towards our next mortgage. However, my house sold pretty quickly. We move out in the summer and are desperately trying to get another mortgage as we have 3 very young children. We have been to see our current lender who are trying to help us but I don't see us getting very far with them. On my partners credit report, equifax have the trust deed as active, when in fact it has been settled and we have opened a case with equifax to close it but they seem to be taking forever to even respond to us. I'd like to know if there is anyone out there who specialises in mortgages for people like us. We are at our wits end and really don't know what to do.
Many Thanks
14/03/2011 1:04 pm
Im interested in this topic too.
It's a pity more lenders wont lend to finished trust deed'ers, as at the end of the day, they probably have less debt than other borrowers and possibly in a better position to pay back the loan.
Not all Trust Deed'ers ended up in their predicament because they were bad payers, I for one, wasnt, but circumstances led me there.
Good luck busymum, I hope you get a mortgage and soon for you and your family.
Topic starter
14/03/2011 1:12 pm
Hi Greenie,
Thanks for your response, you are right, it's just wrong that they are reluctant to lend to people who are our predicament. We are debt free and have a good deposit, good income, etc, so it just doesn't make sense. It makes me sick that we bail the bankers out but they won't help us. Take care and hope all goes well.
14/03/2011 1:27 pm
Hi busymum.
Graeme Leckie is a mortgage broker who posts in this forum occasionally. His profile is on the left-hand menu.
The advice that he has provided here previously is that if a trust deed is completed, a credit record has been cleaned up, and there is a decent deposit is available there is a chance of being able to find a reasonable mortgage.
The key point however is that as a mortgage broker he can research the market that exists for mortgage products currently, but there is obviously restricted mortgage availability for everyone at the moment (irrespective of whether there has been a trust deed in place or not). For example first time buyers are also finding it incredibly hard to get on the housing ladder due to the significant deposits required that will take them years and years to save for.
Local mortgage brokers to you should also be able to research the market for you and try to match your circumstances against product availability and criteria.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
