Hi tracyG.

Welcome to the forum and congratulations on having completed your trust deed.

I'm not a mortgage expert but our resident mortgage broker, Graeme Leckie, certainly is. He posts on the forum from time to time and we'll email him and ask him to add his throughts to your question as soon as he gets the chance.

I do know that starting to save up the very biggest deposit that you can, and actively working to rebuild your credit rating, will be two things that might change the odds in your favour during a time when mortgage availability isn't great for everyone whether or not they have any connection to trust deeds.

Hi TracyG

As TDA states you need to try and rebuild your credit rating. One of the ways that you can do this is by obtaining a pre paid credit card.

I can't imagine in this current climate that it will be easy to get a mortgage, so the larger a deposit you can save the better a chance you will have.

Julie

thanks for both replies...i emailed Graeme as was suggested in a previous post.

I have manged to get 2 credit cards which i use for household shopping as part of my monthly budget and then pay off in full at pay day.

I am thinking that if I saty put in my current property for at least a year and save hard for a deposit, I might be in a better position mortgage wise. It is just good to know that there is light at the end of the tunnel.

Thanks again.

Hi,

In the current climate the size of the deposit is vital. It is really good that you have obtained credit as this will help to improve your credit score. Also please make sure that you are on the voters role as somehting as simple as this can make a difference between a pass and a fail.

Finally please make sure that all your credit within the trust deed is showing as satisfied on your credit report. If any of your debt is still showing as unsatisfied it is extremely unlikely that you will pass the score.

Hi, is there a minimum deposit you would require for these lenders to even consider you?

Hello newboy,

I think that the issue isn't straightforward because other factors such as incomes and credit ratings can be drawn into the equation as well. By this I mean that two people looking to buy a similar property might be required to put up different deposit levels.

Graeme has written previously about a mainstream lender that may be prepared to lend, after a trust deed is completed, with a deposit in the order of 15% to 25% depending upon other circumstances. There are a number of caveats attached to this but hopefully it provides some insight.

This type of deposit level is indicative of the mortgage market in general at the moment rather than being specific to people who have completed trust deeds alone. Certainly its making it hard for first time buyers to purchase a property as well for example.