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Scottish Trust Deed Forum
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Topic starter
15/04/2015 5:21 pm
Hi there can anyone help us we entered into the trust deed following my husbands company going into liquidation. It is due to finish in April 2016 the problem is we are in a rented property and the owner is wanting to sell it a year after our trust deed is complete does anyone know who we can contact regarding a mortgage, we realy love this house and would like to buy it also we are in our 50 ' s my son says he would go guarantor if this would help . Thanks Nursie
15/04/2015 5:26 pm
Hi nursie
I think it will be extremely difficult if not impossible obtaining a mortgage while you are both still in the trust deed. It will also be difficult once this finishes as it will remain on your credit file for a further 3 years.
Is there the option for your son to obtain a mortgage?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
15/04/2015 5:30 pm
Hi Mark my son has 2 houses one of which he rents out the only way he would be able to get a mortgage for us would be to sell the rented property first. Thanks for your reply . Nursie
16/04/2015 9:19 am
Hi nursie.
Lots of buy-to-let landlords own more than one rental property.
Is there a particular reason why your son could not buy this property and then "rent" it to you (with you covering his costs)?
Is it to do with your son needing to raise a deposit if he does buy it?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
16/04/2015 9:48 am
Hi nursie,
There will be a number of factors involved when looking at securing a mortgage. Credit rating and past credit history will probably be biggest factor but along with that your age, income and also deposit will be a factor when a lender is making a decision on a mortgage application. Your age for example could mean a shorter mortgage term which could in turn mean bigger payments per month and affect your affordability.
Like TDA and Mark have suggested a mortgage just in the name of your son could be the best way forward.
It may be worthwhile speaking a couple of mortgage advisors regarding your situation and to discuss how your son could facilitate the purchase of the property. If unfortunately they advise that based on your circumstances it's going to be almost impossible to purchase the property then this will allow you sufficient time to consider alternative properties to move into when the owner does sell the property.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
28/04/2015 6:27 pm
Hi David thanks for your reply I didn't think that my son could have a couple of buy to rent properties. He wouldn't need to worry about the payments we would make sure everything was paid , how would we go about this would we need to speak to a financial advisor and explain our circumstances to them ? Thanks Nursie
28/04/2015 7:49 pm
Yes, or more to the point your son would need to speak to his broker or lender. Have you spoken to him about it yet?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
