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Scottish Trust Deed Forum
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Topic starter
07/11/2012 5:17 pm
Hi
We have been discharged from our trust deed for well over a year now, it was a joint trust deed for both myself and my husband. All details of the trust deed and defaults are due to come off our credit report on the 30th November, leaving no trace on our credit report. We are busy cleaning it up, so that this is the case. We have a mortgage which we have always paid on time with absolutely no issues, we both have credit cards with very little balance which we pay off regularly. We would have a 40,000.00 deposit which on the properties we are looking at, would be a 15%-20% deposit. I have a few questions which I hope you may be able to help with.
1. Do we have to declare the trust deed on a mortgage application if we have been discharged and there is no record of it on our credit rating?
2. Should we approach our current mortgage provider for a mortgage first?
3. I know they say to contact an independent Financial Adviser, can anyone recommend one in the Edinburgh area.
4. What do you think our chances are of securing a mortgage?
I look forward to any feedback or help. Thank you.
07/11/2012 5:40 pm
Hi again yeschef1.
If you're asked whether you've ever been in a trust deed (or insolvent) in a mortgage application and you fail to declare it you may be committing fraud. It could come to light for the lender in a number of different ways.
It's really hard to comment on how likely you are to get a mortgage as there are so many factors involved other than the trust deed and the level of deposit that you have.
A mortgage broker should be able to advise you on this once they have done a full factfind with you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
07/11/2012 10:45 pm
It really is best to get a broker who is currently securing a volume of mortgages with various lenders 'whole of market.'
It is a moving beast, mortgage availability in current climate.
Frequent changes to criteria, acceptability etc is the norm
08/11/2012 10:54 am
I have had good dealings with a couple of mortgage brokers in the edinburgh area, yeschef1 - if you want to contact me through the button below I'd be happy to pass on their details to you
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
08/11/2012 1:53 pm
Mortgage brokers will know which firms ask the question of have you ever been in an iva, bankrupt or in an arrangement with your creditors. Be honest with the broker about your history and they can look for the best options.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
