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Topic starter
16/12/2016 8:44 pm
Evening everyone
Just wanted to share our news which proved that there can be a great new start after trust deed.
Hubby and I - due to huge (and I mean HUGE) debts, both took out TD's in July 2010, the 3 years passed hassle free, and we were formally discharged in January 2014.
Since then we have continued with the lessons we learned and are still adamant that we will never, ever be in such a state again.
Our only issue is that our house is way too small for us and our 2 kids, but who was going to give us a mortgage?
Well....long story short, a month ago we found our dream home, a new build due to be completed in April next year. We looked around the showhome and it ticked every box for us, and more.
I just so happened to pick up a business card for the mortgage broker they use (won't mention name incase it's not allowed). I must have been feeling brave, I phoned and enquired about it, all the time thinking "no chance". I fully explained about the trust deed.
Guess what? We've only gone and got a formal mortgage offer, with a high street bank, 80% LTV, with a fixed rate of 1.79% APR for 24 months (currently on NRam 5.43% [V]).
Still doesn't feel real. My advice and the advice of the broker i be TOTALLY honest and upfront re your TD. She said most of the problems arise with non-disclosure. So, I guess it really does pay to be honest.
Sorry for the length of this post, but really wanted to assure you all that a TD is not the end of the world, and that there is hope for the future!!
boys1211 [:D][:D]
17/12/2016 1:04 am
That is such a positive post and such a positive message.
Thank you!
All the best for your new life in your new home [:)]
17/12/2016 7:59 am
Really well done, all the luck in the world to you and your family.
Have a great New Year
18/12/2016 7:07 pm
Hi boys1211.
I'm really pleased to hear things are working out so well for you.
The point you make about full and open disclosure is a very good one. Trying to game the system can have really serious long term consequences.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
19/12/2016 1:56 pm
That's great boys1211, congratulations - and thanks for sharing!
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
19/12/2016 7:02 pm
That's great news, congratulations!
24/12/2016 7:32 am
Hi boys1211,
That's a really encouraging post for other to read who may be struggling with debts and not sure what to do or for those already under way on their Trust Deed journey.
As an Expert I always try to reassure people that it's not the end of their financial life entering into a plan to deal with their debts but actually hearing it from someone that has been through the process is much better and will help so thanks for taking the time to come back on and post.
All the best for the future and enjoy your dream home. It sounds like Christmas came early for you this year.
David is not currently posting in the Trust-Deed.co.uk forum
03/01/2017 9:45 pm
Myself and my husband are in a similar boat with two small children. My plan is to save a large deposit over next 2 years (iv had a promotion and pay rise ) We should have a fair bit of equity in our own house. Do u think the fact it was a new build or do u think you guys would have succeeded to secure the 80% LTV in any property ! I would be looking to move in next couple of 2 years. Thanks for your advice. We completed our 3 year trust deed a year ago and have both received form 5 around 8 months ago.
suzie
04/01/2017 8:52 am
Hi Suzie28.
Certainly having a really decent deposit and giving it as long as possible after discharge will give you the best possible chance.
I can't think of a logical reason why it would make any difference if the home you wanted to buy was a new build or not.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
04/01/2017 12:56 pm
Hi Suzie28
I don't know the reason behind us being successful - it was a big surprise to us believe me.
What I will say, is that the fact we were totally upfront and honest about our history, I think definitely helped. Maybe the broker knew which mortgage companies to apply to, and who were most likely to take us on?
You've now been officially discharged, so the next step is to keep saving for that large deposit in the next 2 years, and I'm sure you'll get the results you're looking for !!!
04/01/2017 3:46 pm
Hi Boys1211
Thats magic news well done! I was looking for some advice if you can or even pass me the details of the broker? My wife has never had a td but I was discharged like you in 2014 and have since moved house with mortgage in my wife's name, I still have flat with negative equity of about 30k (bought at boom on interest only, worst decision ever) but house we are in now we put down 50k and got for 20k less than home report and have since put on extension(family builders doing the work so done at fraction of cost) so have approx 100k in equity in mortgage so we are looking to get the flat mortgage onto repayment mortgage (need deposit) and also get me onto my wife's mortgage but didn't think this would be possible. Bit of subject but any advice is appreciated
regards
04/01/2017 4:12 pm
Hi boys1211.
Just regards an earlier comment you made on this thread; you're welcome to share the details of a firm that you'd personally recommend here. We just ask that people don't add website links to the forum.
If you're inclined to do this it might be worth checking that the broker is happy with this as well. There's quite a few people reading!
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
10/01/2017 8:33 am
That's brilliant news, well done and gives us all encouragement. Best Wishes to you and your family!!
22/01/2017 5:34 pm
That's great news boys1211. Can you tell us the name of the broker? I think I might be a few months behind you in terms of situation but it could be worth a try
SkintAlly
04/02/2017 3:39 am
Can you advise of the broker or lender please? I'm actually in the same position at the moment and have a deposit, good credit score and income. I just want to find the right person to speak to. It seems I've been given some poor advice. I was advised n o one would consider an application from someone who has been in a trust deed until it was 3 years after it was removed from my credit file. I questioned this via email as I thought he meant 3 years satisfied which I could accept, but he responded with a resounding NO! There's no options
