Hello Mandy75

When did your Trust Deed Start (when was it signed).
The Default date of all accounts should be that date (or very soon after).

Sorry - I don't know about the difference between delinquent and default on the credit report - I have not seen it before.

The Credit Reference Company (CRC) is correct. It is the responsibility of the Creditor to pass information to the CRC to update your record.

All accounts will show until 6 years from the Default dates.
Each record is treated independently - so any Accounts with a date later than TD signing will remain until 6 years from that independent date.

You will need to contact the Creditor, provide a copy of the Form 5, highlighting date of signing and date of discharge and formally asking them to correct the record in accordance with the Data Protection Act.

The Credit rating/number does not really mean anything. Each lender has their own criteria and looks at a number of different pieces of data. If Trust Deed is still live, or anything else is showing as defaulted, decisions regarding a loan will be affected.

Different banks / lending agencies keep their own records too so although it is removed from a Credit Reference Agency it may still be held by a bank/lending company.

Perhaps best to use a bank/mortgage agency linked to any company you defaulted with, and/or use an independent Mortgage Advisor who can advise on which mortgage companies are most sympathetic to your circumstances.

Good luck.

Thanks, we signed our TD Jan 2012, will fire off another letter. We have been with Nationwide with our savings, bank account and mortgage for over 12 years, no missed payments with them, wondered if it was better to approach them first re-mortgage?
Mandy

Hi Mandy75

All defaulted accounts and records will remain on your file until January 2018.

I really have no idea how Nationwide assess such things when defaulted accounts and Trust Deeds are still live. My own mortgage was with Nationwide when I was in a Trust Deed. The fixed term came to an end and I reverted to BMR. I did not apply to them for a new fixed term because of my credit report, although mortgage payment was always fully on time.

As it happens, it worked out quite well for me with the BMR and I have remained on it although my credit file is clear.

Perhaps someone else on the Forum has more experience to share with Nationwide?

Good luck!

Hi
I am also with Nationwide. My fixed term came to an end 2 years ago when I was 1 year into the TD. I moved to a new fixed deal, this time for 5 years without any problem.I don't believe they carried out any credit check as I was not asking for any further funds.

Hi Mandy75.

I think it's always best to start a search for a new mortgage with your current lender (trust deed or not).

If you're not asking for more money then there is no additional risk (as Domino99 has pointed out) so less need for a credit search.

There are also a number of costs that typically apply when moving to a new lender, costs that may well not apply if you stick with the current one.

It's a misconception that I hear quite often - people come to the end of a fixed-rate term and thing they have to reapply for a mortgage. All you need to do is ask your current lender what deals are available, not seek a whole new mortgage, so hopefully there shouldn't be any credit-scoring required.

We are hoping to move house which would mean more funds, our trust deed completed a year ago, now managing to save £1000 roughly a month, we were wondering how long before anyone would allow us extra funds on a mortgage. Equity in property probably about £55,000+? If we new how long after it would give us some sort of guide, we can more than afford it, it's just obviously because of the TD it may pose problems, both credit ratings at 3, fair!
Thanks

I'm not sure that there is an easy answer to your question I'm afraid as there are so many variables that lenders consider. Probably best to speak to a mortgage broker who may be able to give you an idea.

Hi Mandy75,

I wouldn't necessarily pay attention to the ÔÇ£credit ratingÔÇØ that the credit reference agencies provide you with. I think this is a clever marketing tool and doesn't reflect the confidence or trust that lenders have. It's more the information that is contained within the report that they look at.

From what I understand all lenders have their own criteria for lending and like Kevin has pointed out there are a lot of variables involved.

What may go in you favour is the level of deposit that you have.

I think the best thing to do is speak with a number of independent mortgage advisors about your options and take it from there.

Please let us know how you get on.

Spoke to broker, no chance in Scotland of a mortgage until Trust Deed off credit file and some companies won't even touch you till 3 years after discharge. Also if you sell your property before receiving Form 6 the Trustee can claim all your equity so be aware guys.

Hi again Mandy75.

Once a client has completed their trust deed and has been discharged there would usually be no issue with selling their home. Anyone in this position should contact their trustee (in advance of any sale) just to confirm that no complications will arise.

I suspect you've been fobbed off a bit by this mortgage broker. There are lenders who will start to consider applicants a couple of years after they've been discharged (and David has previously mentioned a lender that might be able to help residents of Glasgow after one year).

It is tough to get a mortgage in the early years after being discharged though, and even if successful it might not be an especially appealing mortgage deal on offer.

I spoke to Knighsbridge this morning and she assured me if I did anything with regards to my current property re sell or release equity I was bound by the legal contract I signed and that th equity would be taken by the trustee. This is very confusing!