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Scottish Trust Deed Forum
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Topic starter
22/02/2016 12:43 am
I know this is a long shot, but hoping for some help. I have a trust deed which ends in August this year. I currently rent but my landlord has just advised me that he is selling the house - he is willing to sell to me, at £10,000 less than the market value, however I know there is no chance of me getting a mortgage at this time. However, I am now worried that I wont pass any credit checks for rental agreements. Any ideas of how I can find a house for me and my 2 kids?
22/02/2016 3:28 am
Go to the letting agents and be honest with them. You may find it's not an issue. I was in a similar situation after my house was repossessed. The letting agent told me that if I failed their credit check then it came down to the decision of the landlord, or that I could get a guarantor. In the end I made it through their check so don't think that it's a lost cause! Not all letting agencies have the same criteria so if you have no joy at the first one, check other ones out. I was lucky first time and it was through Countrywide.
Glad that's over with....
22/02/2016 9:40 am
Hi needahouse and welcome to the forum,
In terms of purchasing a property whilst you are still in a Trust Deed it would be impossible. Once you are discharged I only know of one lender that will consider someone for a mortgage but they must have been discharged for 1 full year.
As upstream has advised it is best to be honest and up front with them. I've never known a case whereby someone hasn't been able to rent a property whilst in a Trust Deed so I don't think it will be an issue.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
22/02/2016 9:32 pm
Thanks so much to both of you for your reassurances, I will take your advice on board and be upfront with the letting agents.
Thank you
Topic starter
23/02/2016 9:53 pm
David - would you be willing to advise what the mortgage supplier is that does mortgages after you have been discharged for a year? I am interested in having a discussion with them to see what I should be working on to get to that situation in a year, plus find out what rates they do. Good to give me something to aim for!
Thanks
24/02/2016 10:07 am
It's the Glasgow Credit Union needahouse.
They have advised that as long as someone successfully completed their Trust Deed and have been discharged for 1 year then they will consider lending to them as long as they meet all of their other criteria.
To borrow from them you must live or work in a G postcode.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
24/02/2016 9:23 pm
Thanks David for the info. I like in the EH postcode so that's not an option 🙁
Thanks for your help.
24/02/2016 11:10 pm
You could maybe try Capital Credit Union instead in that case? I don't know if they would have similar criteria but it could be worth asking.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
