A mortgage will be near impossible until the trust deed drops off your records 6 years from the start of your TD.

Any whole of market broker will be best to advise.

Paul

Thanks Plasticdaft, that seems to be contrary to what Graham Leckie suggests here: http://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=482

And here

(Broken link removed by admin).

With quotes like If a borrower has sufficient income and a reasonable deposit it may be possible to obtain a mortgage at High Street rates. when referring to an individual with a recently discharged Trust Deed.

Has something changed or is there some misinformation about?

Welcome to the forum Waldo.

They're old posts from Graeme, the mortgage market moves and changes quickly.

These posts actually referred to a particular mainstream lender that seemed to have a bit of a blip in their system at the time.

Speak with a mortgage broker to clarify your current chances, but as Paul has written your prospects are likely to improve over the course of time.

Thanks,

I'm under no illusion that I will walk into a fantastic rate mortgage, but I'm currently on the original Northern Rock Together mortgage I took out nearly 10 years ago, obviously the fixed rate changed an age ago and I'm now on something nearing 6%, Any improvement on this, however slight, even for 2.5-3 years until my credit history is resolved has got to be worth a try.

I suppose my main question in a long winded way was...should I go to a whole of market advisor rather than a builders own mortgage advisor as a whole of market may have greater experience in this field.

Anyway I think I can get from this that that wouldnt be a bad thing if I did try it, thanks for the advice, I'll continue lurking now 😉

Hi Waldo.

I'm not sure what benefit there would be from going to a broker recommended by the builder.

Apart from for them of course!

Hi Waldo
We are in very similar circumstances by sounds of it. Hubby & I discharged January this year & we, too would love to upsize. Looking to move next summer & a house where we would ideally love to move to may be potentially coming up for sake around this time. We too have an NR mortgage with about same equity as yourselves.

My worry is obtaining a mortgage next year. Like you affordability is not an issue. But I suppose it's who, if anyone is willing to take the perceived risk on us.

Wondering if anyone on here has been successful in getting a mortgage post discharge but before the 6yr has surpassed ??

Please keep in touch & let us know how you get on.

Regards
boys1211

Allow me to throw in my tuppence worth !
Regular readers may know that I finished my td in February and was discharged the following week.
I immediately went about trying to get a mortgage, given my age, I thought probably a seven or eight year one might be feasible to both myself and the lender alike.
I too have seen that on average most people are not accepted for one until three years after completion of their td. However, with retirement just around the corner I planned to put down a sizeable deposit, probably about 50 to 60 percent of the property price in the hope that might sway things in my favour.
Well the bad news is that my own bank who I have been with for 30 odd years say they won't entertain me until SIX years after completion of the td as opposed to the three I understood it to be.
The good news is that I have a financial advisor friend who has shopped around for me, and the upshot is that while still not being able to obtain one now, I will be looked upon favourably after just ONE year after completion of td, which, while not ideal, is certainly better than either the three or the six years I was quoted previously ! And bear in mind I was quoted these terms based on a huge deposit I would be able to put down !
Has this helped or not Waldo ?

That's interesting info A.D. Was it a particular lender that was more accommodating?

Yes, please tell A.D, I was discharged two years ago and thought I would have to wait another four years before being considered for a mortgage,I can more than afford it and have about 10% deposit.

Hi again.
To be honest, because it was apparent that I was not being granted one now, I didn't pursue the matter with my friend. What I would say is that his information regarding being granted one in one years time backed up what I was told by an advisor who phoned me back in response to an online enquiry I made when googling, "mortgages for bad credit" or words to that effect. I should also point out that this is NOT the same person who practically hung up on me the minute I mentioned a td when I made my first enquiry and which I wrote about on here a few weeks ago !
I may only be guessing, but I suspect that the reason I will be considered for one relatively "soon" is because of the 50 or 60 per cent deposit I plan to be putting down. I see yours is only ten percent Juliet but I wouldn't be put off as your circumstances are different from mine with regards to the td as you only have a year left of the "official" three anyway, whereas I was only discharged a few weeks ago !
Hope this helps.

Great post A.D. Hopefully by sharing information someone soon will have a success story !!!

I still don't get the 'computer says no' logic with these things.

Surely even with worst case scenario, a 50% deposit or similar would reduce the risk to zero.

Perhaps I should open a bank!

Mark

Hi Mark.
I totally agree !
I actually thought my own bank would be the best bet but it turns out their assertion that I wouldn't be considered until SIX years after completion as opposed to the apparently universally recognised three, was actually the worst case scenario ! And this despite being with them for over 30 years, never giving them a moments concern with my account, in fact I don't think they were even aware of the td at all, although it obviously appeared on my statements each month for the last three years. Add in the facts that a mortgage with a 50 or 60pc deposit would be considerably less than my current rent to a private landlord, which also appears as a standing order, and that I am no longer paying £250 to a td, then it is obvious I would be considerably better off, and therefore less of a risk WITH a mortgage ! And it really was a "Little Britain" scenario, because initially my bank's mortgage advisor looked upon it favourably until she went away and came back to inform me her mortgage department had vetoed it despite her protestations on my behalf and with such a large deposit to boot ! Computer really does say no ! Or to put it another way, "there's nowt so queer as fowk !"

I was told to wait 1 year after discharge.

I did this and spoke with 4 whole of the market advisors, none of them could find a lender that would take us on. I had a 35% deposit to put down. The advisors were all saying the same thing wait until the trust deed drops off your report (6 years after starting another 2 years for me).

During the 1st year i worked on improving my credit file (ensure all my creditors updated my file to satisfied & opened up vanquis & aqua credit cards).

I wish you luck with getting a mortgage before the trust deed drops off your credit file.

Let us know how you get on.