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Scottish Trust Deed Forum
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Topic starter
13/03/2009 4:29 pm
Hello,
couple of quick questions:
1 - Is it possible to obtain a mortgage whilst subject to a TD? If not;
2 - Is it possible to get one during the 3 years after the discharge?
Have been looking at housebuying options and was wondering, as income is vastly higher now than when debts were accrued and TD started, are there any firms out there giving money to folk like us!
Cheers.
13/03/2009 4:52 pm
Hi Smith8360
The answer is Yes and Yes. However in the current climate, it would be difficult as there are a lot of contributory factors ie deposit, would the Trustee have an interest in the house later on etc?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
20/04/2009 11:11 pm
think you have to ask the question - where would you get the deposit from? If it's savings, then your trustee is going to wonder why he/she was not aware of them, and more importantly, if you are acquiring an asset during the term of the trust deed, it's quite likely that the asset will vest in your trustee and he/she will ask for the equity in it to be paid to him/her on behalf of your creditors. Best advice is to wait until you've been dischared and then it will be much less hassle!
21/04/2009 10:20 am
Kirsty's point about a deposit is very important.
One of the biggest changes in "sub-prime" mortgages during the credit crunch has been the requirement for larger deposits.
No-one knows how this will develop in the future but for most people a long period of saving after the Trust Deed has finished may be needed, or family support relied on where that is possible.
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