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Scottish Trust Deed Forum
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05/09/2017 2:08 pm
HI im new here,
My husband started in a trust deed in 2010, but was not discharged til Nov 2016 as he had it extended as he had to decrease the payments for a while due to job situations etc.
We have been accepted for the LIFT scheme, and have been to an independent broker who has got us a mortgage Decision in Principle with Skipton, and we have now had an offer accepted on a house.
The DIP was referred at first but we quickly heard it had been approved within the hour.
My husband's trust deed and creditors related to it do not show on his credit files with experian, equifax and noddle, and in fact it states he has an 'excellent' score. He does however appear on the register of insolvencies, but at the address we lived in 2010, which we moved from that year(i ncase that matters).
I was also bankrupt 2012-2013, and my bankruptcy does show on my credit file and my score is poor/very poor.
We are due to go back to the broker to complete our full mortgage application this Friday. I am looking for some advice about whether this is the end of the road for us, and on underwrite they will decline us.
The broker reassured us that Skipton had done a full credit search, and we are slightly reassured by the fact it was referred at first which I am guessing means someone properly looked over our case?
Id appreciate any input anyone can offer. Is Friday the end of the road for us?
05/09/2017 2:46 pm
Hi daisychain and welcome.
Anything that goes on your credit file stays there for 6 years, so your husband's trust deed will not show on there six years after it began.
However, if his trustee hasn't been discharged, or was discharged less than a year ago, then he will remain on the register of insolvencies.
Searches are done for insolvency before a purchase goes through, so both of your insolvencies might be discovered by the underwriters and/or the solicitors involved later (via your credit file and the register of insolvencies).
I'm afraid we've no idea whether this will prevent you from getting the mortgage you want. It comes down to Skipton's product criteria and underwriting processes and so could only really be answered by them.
Were there any questions about prior insolvencies or bankruptcies in the application form?
You may wish to ask the mortgage broker whether there are any insolvency-related criteria in Skipton's product criteria for this mortgage. They should have access to that product information.
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