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29/12/2016 12:48 am
Hi. I'm looking for some advise. I've entered into my 4th year of my Trust Deed. I'm living with my partner and the flat is in his name. Now we've got an offer on his place and want to move to a bigger house together. Unfortunately at the moment he's on lower earnings than me so our mortgage adviser advised us of putting my name on the mortgage aplication as well as there are lenders that offer borrowings to people like myself. it would make sense to go for a joint mortgage(depending on APR of course) if possible to secure bigger borrowing. He's the one that will paying the mortgage payments tho and i will pay some of the bills to make it fair. But it makes me wonder how is the new mortgage(if I was to be offered one) going to affect my situation once I'm close to being discharged? Is me being the joint owner have any impact on the discharge at all if I have not owned the property when entered TD? I don't want my partner's excellent credit history be affected by my stupidity from few yers ago and then fight for the house we got together because I may be told to sell it or release any available equity.I hope it all makes sense.Any advise would be appreciated.
Thank you
29/12/2016 10:32 am
Hi TD2013 and welcome.
In my experience I've not seen or dealt with anyone that has been successful in securing a mortgage and buying a house whilst subject to a Trust Deed.
If you purchased a property whilst still subject to a Trust Deed then you would have acquired an asset which the Trustee could potentially have an interest in and also any equity.
I'm not sure how successful you would be securing a mortgage whilst your still in a Trust Deed. I think when it came to it and the mortgage lender did their checks it would bring up your Trust Deed. I'm not a mortgage advisor however so I could be wrong on this.
I'm sorry I can't share more positive news.
Do you think you could hang off until you have completed your Trust Deed and received your discharge before buying a house?
Before you do anything you should speak with your Trustee.
David is not currently posting in the Trust-Deed.co.uk forum
30/12/2016 1:06 pm
Welcome to the forum TD2013.
I'm afraid I agree with David.
Experience suggests that your mortgage broker is very highly unlikely to be able to include you in a successful mortgage application until after you have been discharged from your trust deed.
Even if I were wrong about this, David has highlighted the secondary and serious concern about acquiring an asset during your trust deed and what this might eventually result from this.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
30/12/2016 9:23 pm
Thank you all for your replies. The total of what I will repay at the end of my trust deed is exactly what I have owned to my creditors at the beginning so won't risk anything else being taken away since I work hard to clear my debt. My partner will get mortgage in his name until I'm fully discharged and ready to have mortgage in my name. How soon after being discharged I can apply for a mortgage without being chased for extra payments?
30/12/2016 10:45 pm
As soon as you receive your Form 5 discharge notice then there should technically be no issues with looking to buy a property, however in practical terms it may still be very difficult to get a mortgage for a couple of years afterwards according to what others on the forum have experienced I'm afraid.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
07/01/2017 9:43 am
Having been discharged and in the hope of gaining a mortgage with my partner I can advise you that it would be impossible to get a mortgage abthis stage of your life. Some companies quoted 6 years after discharge others stated maybe two years after start of trust deed others or until the 6 years after the start of deed. So they all vary We gained a housing loan from our local authority - I have been employed for 13 years with them and was using the right to buy and we can then change to a regular mortgage in 2-3 years time. This was 3.5 years after start of trust deed and didn't imagine we would get approved for it. Sorry to put a downer on your seatch
07/01/2017 9:44 am
Sorry that's meant to read 2 years after discharge so 5 years after start of trust deed
Topic starter
07/01/2017 12:04 pm
Thank you for all your replies. After speaking to our solicitor and mortgage advisor my partner will be the sole name on the mortgage until I'm ready to apply. Still moving which is a good thing.
