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Topic starter
07/09/2015 2:48 pm
Hi,
I've just been speaking with Glasgow Credit Union regarding mortgages for customers who have recently completed a Trust Deed or Sequestration.
They advised that they will consider lending to a person who has been formally discharged from a Trust Deed or Sequestration for at least 12 months.
They advised that the client needs at least a 15% deposit and to meet the usual criteria on affordability etc.
Unfortunately their products are only available to people who live or work within a G postcode so it won't help everyone.
It's something for people to be aware of when considering a mortgage as it's something which is regularly discussed on the forum.
David is not currently posting in the Trust-Deed.co.uk forum
07/09/2015 3:50 pm
Thanks for sharing that David.
I'm sure many of our members/readers will be interested to hear this.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
07/09/2015 4:11 pm
Thanks for the information David.
I now have a savings account with them and my Trust Deed has just dropped off. I may just make a call in the next couple of months to see what may be available to me.
Topic starter
07/09/2015 4:24 pm
Hi TDA & Firewalker,
It's something which I was surprised at and asked if this is something new to which they told me that it's always been something which they will consider.
I think for most people they don't look at their local credit union as someone who can provide a mortgage but in fact, Glasgow Credit Union along with some others have the facilities to provide a lot of products in relation to financial services.
On their website they advise that they will give a decision within 5 working days and the decision will be made by a person and not a computer which for people with a poor credit rating may help rather than the ÔÇ£computer says noÔÇØ way that most lenders will work.
David is not currently posting in the Trust-Deed.co.uk forum
08/09/2015 12:58 pm
That's v positive and gives hope that other credit unions in other areas may follow suit. Thanks for sharing!!
11/04/2017 10:10 am
Hello, I have only recently been discharged from my TD this year and have stared to complete the work to repair my credit rating and finding this site very informative. Just wondering if anyone has had success with a mortgage application with a credit union 12 months after discharge?
11/04/2017 10:26 am
David has mentioned here a couple of times that the Glasgow Credit Union might give consideration to a mortgage application in these circumstances.
We've not heard of any others that I can remember, but that's not necessarily significant. If you live in a different area you could ask the same question of any credit unions that you have access to.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
11/04/2017 1:30 pm
quote:
Originally posted by TDA (Debt Adviser)
[br]David has mentioned here a couple of times that the Glasgow Credit Union might give consideration to a mortgage application in these circumstances.We've not heard of any others that I can remember, but that's not necessarily significant. If you live in a different area you could ask the same question of any credit unions that you have access to.
Thank you for your response. Yeah, its a shame no one has been able to comment on this. I will certainly look in to but have 10 months or so before it will have been 12 months from discharge but was hoping to hear of any positive outcomes. I will certainly remember to update my story if it can helps others.
20/04/2017 11:28 am
I have also been advised this from Glasgow credit union so fingers crossed I can apply come next February. Will let you know how i get on.
🙂 🙂 🙂
