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Topic starter
12/09/2012 4:40 pm
Hi,
2nd post so here goes:
It's over 6 years since I entered my Trust Deed so, thankfully, it has been removed from my credit file along with most of the defaulted accounts.
Unfortunately, I still have 3 defaulted accounts (satisfied) with RBS on my credit file because the default dates appear to be 1 year AFTER I began my Trust Deed i.e. another year to go until they will be automatically removed. Apart from this, I have an excellent credit score/file.
I've questioned this with Experian, who have contacted RBS to get this changed. However, they have told me that RBS are currently overloaded with enquiries and not to expect a quick response. I'm not confident this will be sorted anytime soon.
Meanwhile, my wife and I really want to move house and need to obtain a mortgage. We have a big deposit of around 40% of the house prices we're looking at (60% LTV). The other thing you should know is that I'm self-employed with only 2 years of healthy accounts.
The first mortgage broker I spoke to said, under no circumstances, will a high-street lender accept an application from me when I still have the defaults on my credit file.
1) What are my chances of a mortgage?
2) Will lenders consider people with defaults on their account?
3) What are the chances of RBS accepting the change to my credit file?
4) If mortgage might be available, any advice on finding good local mortgage advisors?
Thank you.
12/09/2012 4:47 pm
Hello Gshields.
I just checked back. It's been a while!!
You can actually take action yourself to get these default notices backdated to the time that the trust deed began. Details about how to achieve this are at:
https://www.trust-deed.co.uk/repair-your-credit-rating.html
If things aren't resolved within a reasonable amount of time you can initiate the complaints process. That forces any FSA registered business to start dealing with the matter within fixed timescales which might help to hurry things along.
The deposit that you have available gives you a massive headstart in terms of getting a mortgage. The risks to the lender are greatly reduced.
The situation with the default notices can be resolved, so hopefully you can quickly make this a non-issue.
I'd deal with the default notices and then speak to a couple of local mortgage brokers, ideally ones that people you know have used and found to be effective.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
13/09/2012 9:00 am
Hi GSheilds
My defaults are due to drop off my credit report this month. TDA is right, a stern letter to RBS and a set timeframe (I think they are allowed 28 days) will get the date amended. Once you have posted the letter chase them up by phone. Their is a great template letter for this on MSE forum (it's the life after trust deed thread). I got all mine sorted easily.
On a positive note (although I am not self employed) I got a joint mortgage with my partner last September with only a 25% deposit - all defaults and TD were still on credit file. I went through my current account provider, the application was passed to the underwriters who took 5-7 days to approve.
Previous to that in Jan last year I had spoke to a mortgage advisor who had got us pre-approved with a bank, when the house sale went to go through they turned down the application (so pre approved does not mean much) we then went with another bank and again pre approved and then last minute turned down. We were disheartened but had kind of expected it. Int he September we decided to approach our our current account provider and this was definitely the best way to go for us. I have a perfect credit record for the past 6 years (credit card, car, mobile and bank account were on report when applied for mortgage).
Good luck.
Topic starter
13/09/2012 2:24 pm
Well, I'm certainly encouraged to hear that more can be done to get the defaults removed.
I actually wrote to RBS a year ago and got a letter back from them around 4 months later which asked for more information regarding the accounts. I sent this immediately and never heard anything back. I guess I accepted that it probably wasn't going to happen.
Although, I now have experian on the case, it sounds like I need to take this further and ensure that they are removed from my file. This would solve everything.
Interesting blacklily, as I did also consider approaching my current bank about a mortgage.
Thanks for the advice.
