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Scottish Trust Deed Forum
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Topic starter
21/01/2013 6:45 pm
Hi, Ihope someone can give me some helpful advice. I was sequestrated in May 2011 and discharged May 2012, I am now trying to rebuild my credit rating with the view to obtaining a mortgage asap. I have a credit card with Halifax and the recently increased my credit limit without me asking, so a good sign that my credit file is beginninng to look a bit better. I have just been told by London & Country Mortgage Brokers that it is best if I wait 5-6 years before applying for a Mortgage ! Surely there is someone out there willing to give me a mortgage, at the moment I have 10% deposit saved but I dont want to makes lots of applications that will be declined & affect my credit file again. Any comments welcome & if anyone has obtained a mortgage in a short period of time after discharge I would love to hear about it and who gave you the mortgage. Sorry to go on and on 🙂
j smith
21/01/2013 8:16 pm
Hi juliet.
I'm afraid you're likely to struggle so soon after bankruptcy. Taking some time, and saving a bigger deposit, may well help in the longer term.
Much of the following article is just as relevant to mortgages after bankruptcy as it is to protected trust deeds:
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
22/01/2013 5:59 am
Thanks for the post TDA. I have already contacted Experian and tidied up my credit file, I guess I just need to be patient. I also received a phone call last night from an Independent Mortgage Advisor who quite frankly was no help either, he (I believe wrongly) told me that my credit file would not be cleared until 6 years from the date of discharge ! He also told me it would be 6 years minimum before I could get a mortgage, just have to keep saving. BTW love this website, even though it's for Trust Deeds, I find it so helpful and informative, keep up the good work 🙂
j smith
22/01/2013 10:01 am
Many mortgage lenders do ask if you have been made bankrupt in applications. Wait until it drops off your records or save up a large deposit.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
22/01/2013 1:18 pm
Hi juliet.
Things stay on your credit file for six years, so the bankruptcy should drop off six years after it started. I don't think a second entry is made to your credit file at the point of discharge (though I stand to be corrected if anyone knows different?).
The mortgage adviser has no idea how long it will be until you get a mortgage. Just concentrate on the things that will, over time, turn the odds in your favour (as mentioned in the article). That's all you can do.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
22/01/2013 2:30 pm
Since lenders do ask if you were ever bankrupt, is it necessary forevermore to answer yes even after the 6 yrs pass and it's not on the credit records?
22/01/2013 2:50 pm
Its all about how its worded. And about how honest you feel. Some financial institutions maintain records for longer than the credit agencies so avoiding companies you defaulted in the past is worthwhile.
A whole of market broker will know which lenders ask which questions so its best to use one post insolvency.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
22/01/2013 3:55 pm
Thanks plasticdaft, TDA answered similarly on another thread.
I sincerely doubt there will be any equity anytime soon to have the problem of mortgage application so likely to be staying put for the next few millenium.
22/01/2013 5:53 pm
Hi RBSB.
It isn't relevant whether it's on your credit file or not.
The question just needs to be answered as it is worded.
Providing false information to obtain a mortgage exposes you to accusations of fraud.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
