Hi Sjlo26

Sorry to hear about the burglaries. One thing to remember - had you continued with the debt repayments as they were, it's likely you'd still have a higher debt balance which would make it more difficult to afford / get a mortgage. Likewise, you may have struggled to pay the balances down or ended in further debt just trying to make ends meet.

The reality is you will seriously struggle to get a mortgage until the Trust Deed has left your credit file. It will fall off around the 6 year anniversary of you signing it. The good news is, as soon as you stop paying the Trust Deed, if you stay disciplined you'll be able to save the money you have been paying towards the TD for your deposit.

I appreciate this might not be the answer you were hoping for, but once the Trust Deed has finished you get to live a life free from your debt and focus on the future

Thanks,
DBHA21

Welcome to the trust deed forum Sjlo26.

Once you have been discharged there is lots that you can do to start putting yourself in a position to buy a home in the future. You may want to have a read through the following article which covers issues such as improving your credit rating, dealing with default notices, and getting a mortgage in the future:

https://www.trust-deed.co.uk/repair-your-credit-rating.html

As DBHA21 has already mentioned, some time is probably going to need to elapse before you can get a mortgage. There's very few mortgage lenders that will consider an application unless you have been discharged from your trust deed for two years or more. Others will require an even longer period of time. Using this time to save the largest deposit that you can will improve your chances of getting a mortgage, and getting a mortgage on reasonable terms, in the future.

Hi thanks for replies and info - appreciated. A few people have said it’s possible to be a mortgage within a few months of TD ending as long as I have been fully discharged and creditors aware etc is this not true? Also my mother is helping with a deposit - does this make any difference? Thanks again. Great forum haven’t wrote anything until now but used for information for a long time.

Hi Sjlo26.

Unfortunately I'm not sure you've been given accurate information about getting a new mortgage a few months after being discharged from your trust deed.

When we last looked (which was a good while ago so it could have changed) there was only one small lender offering mortgages to people who had been discharged for more than one year.

Other lenders we found considered applicants who had been discharged for at least two or three years. The most mainsteam of lenders might require an even longer period than this.

Having a significant deposit will certainly be an advantage when the time comes. A good deposit, and letting some time elapse, are also likely to help you get a mortgage on better terms in the future.

That's fantastic news about your discharge. Well done !!!

Mortgage lending is complicated and based on a number of variables such as deposit, affordability , age as well as credit worthiness.

I agree with the comments made - a few months after discharge does appear to be highly unlikely.

In my experience, certain lenders will consider applications once they have been discharged for a certain length of time and I agree with TDA.

A financial advisor will be able to provide a more detailed time frame.

Hope this helps.