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Topic starter
28/12/2010 6:18 pm
Hi All and Seasons Greetings,
I've only posted a few times on here but do look and take advice from others questions, I have found it to be invaluable!
My husband and I are 3 months away from completing our PTD, it has gone so fast and we are very relieved. However (there's always one!), I am expecting our 2nd Baby in May and we will have to move house by the end of 2011 as we only have a 1 bed flat.
Can any experts or others give any advice on the best way to get a mortgage? Our current provider has been hit by the credit crunch and therefore isn't lending any new money but honouring existing mortgages. We have been banking with the same bank throughout our TD and have remained in credit without taking on any new loans or credit (won't be doing that again!). My husband thinks it might be a good idea to approach them regarding a mortgage but I'm a little sceptical hence my post.
Any advice would be greatly appreciated.
[:)]
29/12/2010 12:13 pm
Hi melaniec
I think there are general difficulties in getting a mortgage in the current climate and this will be made harder by the fact that you are/were in a Trust Deed.
A lot appears to depend on the size of deposit you are able to produce and of course you household income.
Unfortuantely I am unaware of any lenders who have a more relaxed criteria than the next. Are you able to provide a sizeable deposit?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
29/12/2010 12:53 pm
Hello melaniec,
As Mark says, your income level (compared to the amount that you wish to borrow) and your deposit size are extremely important.
Graeme Leckie is a mortgage broker who posts on this forum from time to time. He has been having some success arranging mortgages for people when a protected trust deed has completed with one High Street lender at reasonable rates.
It's a little hit and miss but it might be worth getting in touch with him (see left hand menu) to at least look at it. If you review some of his previous posts you'll find more detail about important aspects of this including making sure your credit file is updated once the trust deed has come to an end. I suspect that Graeme will be away from work until after New Year.
No harm in discussing it with your own bank as well, though of course the mortgage market is very difficult at the moment for anyone with any kind of negative credit history (as it is also for anyone with a perfect credit record but who is carrying lots of debt).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
29/12/2010 1:10 pm
Thanks Mark and TDA,
I thought this would be the case due to the current climate. We both earn good salaries and we would hope to have at least ?ú12k towards a new mortgage from the sale of this flat and also plan to save the ?ú700 per month we pay to the Trust Deed after it has ended. We do also have a family member who could help towards the deposit also.
I will get in touch with Graeme for advice but I think I will leave speaking to my bank until I have been discharged.
Thanks again for your help!
🙂
