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Scottish Trust Deed Forum
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Topic starter
13/06/2011 8:06 pm
I know this topic has came up before but trying to find it on this stupid phone is murder
After trust deed is finished how long (ball park) would you need to wait to apply for a mortgage. Our current mortgage lender finishes next year...and trust deed finishes in 2 years. We would like to sell the flat (10k equity) and buy a new house, but fear no one will touch us after being in a trust deed...I vaguely remember a previous post said something like 5 yrs it stays on your credit file so would struggle to get any kinc if mortgage until this was off the credit check ??
13/06/2011 9:15 pm
Hi idjmark
Good question, however I think the size of the deposit will have a greater impact on a new deal. I think a deposit in the £10k+ region would certainly attract some lenders.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
13/06/2011 10:41 pm
Hi idjmark.
There isn't going to be a firm answer to this question as it depends upon:
1 - Your personal circumstances including credit rating, earnings and deposit size.
2 - The mortgage acceptance criteria prevalent at the time you apply.
Anything that goes on your credit file stays there for six years, but how relevant that is after your trust deed ends is unpredictable (as we don't know what mortgage lenders will be doing then).
A decent deposit is likely to be a big positive factor.
It's important to remember that this isn't a trust deed specific issue. Anyone with any kind of adverse credit history, any significant debt balances or any lack of a big deposit is having a hard time getting a mortgage right now.
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