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jock67
Contributor

10 Posts

Posted - 26 July 2017 :  13:59:07  Show Profile  Reply with Quote
Hi I have applied for my first joint mortgage with my wife after 6 years of entering a trust deed and been accepted in principle but I am now concerned that the basic bank account I have could cause an issue, has anyone experienced any problems with this before? Its a remortgage for property we already own in solely my wifes name but with a different lender, any advice on the process would be appreciated
Thanks
Jock

TDA (Debt Adviser)
Trust Deed Expert



12026 Posts

Posted - 26 July 2017 :  14:10:11  Show Profile  Reply with Quote
Hi jock67.

What's your concern about having a basic bank account?

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jock67
Contributor

10 Posts

Posted - 26 July 2017 :  14:19:07  Show Profile  Reply with Quote
That it would count against me on the full mortgage application? Probably a bit over worried due to not being able to access credit for 6 years.. If they do a soft credit search what extra does a full one involve when doing the application?
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TDA (Debt Adviser)
Trust Deed Expert



12026 Posts

Posted - 26 July 2017 :  14:22:23  Show Profile  Reply with Quote
As far as I know jock67 a soft search doesn't leave a mark on your credit report whereas a full search will.

This can be important as too many recorded searches in a short period of time might make other lenders worry that you're being fraudulently targeted or that you're in financial trouble.

I can't imagine any mortgage lender will care much what type of bank account you have so long as a facility is in place to pay them.

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jock67
Contributor

10 Posts

Posted - 26 July 2017 :  14:45:28  Show Profile  Reply with Quote
Thanks
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tinsoldier
Advanced Contributor

674 Posts

Posted - 26 July 2017 :  23:18:57  Show Profile  Reply with Quote
TDA is spot on - as long as you have the facility to repay it's not a problem
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solidstates
New Member

5 Posts

Posted - 31 July 2017 :  08:04:58  Show Profile  Reply with Quote
quote:
[i]Originally posted by jock67[/i]
[br]Hi I have applied for my first joint mortgage with my wife after 6 years of entering a trust deed and been accepted in principle but I am now concerned that the basic bank account I have could cause an issue, has anyone experienced any problems with this before? Its a remortgage for property we already own in solely my wifes name but with a different lender, any advice on the process would be appreciated
Thanks
Jock



Excellent news you have been accepted on principle and good luck, hopefully all goes well.

Hope you don't mind me asking you a question. I to have just come out of a trust deed after 6 years. My discharge date was in February this year, my partner was April and we are applying for joint mortgage this week. Can I ask when your were discharged from your trust deed?

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jock67
Contributor

10 Posts

Posted - 31 July 2017 :  08:45:23  Show Profile  Reply with Quote
My discharge was june, the mortgage broker checked my credit scores with all reference agencies and its much better with equifax than any others so they tried lenders who use equifax

Good luck
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elle28
New Member

4 Posts

Posted - 09 August 2017 :  14:55:06  Show Profile  Reply with Quote
Hi Jock67,
congratulations on your mortgage so far. I have been discharged for a year and a half and I was wondering if you could point me in the direction of anyone who could give me some more information of guidance around mortgages. Those that I have spoken to have been unwilling to apply for a few more years. Any help would be really appreciated.

Thanks

Elle

Elle
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TDA (Debt Adviser)
Trust Deed Expert



12026 Posts

Posted - 09 August 2017 :  15:13:03  Show Profile  Reply with Quote
Hi elle28.

I can only remember one lender being discussed here recently that will consider an application for a mortgage one year after discharge from a personal insolvency.

For most their perception of risk remains too high at this stage. The longer after discharge it is, the longer track record an individual has of managing to avoid getting into financial difficulty again.

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jock67
Contributor

10 Posts

Posted - 10 August 2017 :  20:26:40  Show Profile  Reply with Quote
Hi, update is we now have an offer of mortgage and legal paperwork came through from solicitors today, attached was a questionnaire which asks if I have either of us have been declared bankrupt and to send copies of discharge if so then on last section it states ' you are certifying that you are not bankrupt and have never been involved in bankruptcy proceedings'. Has anyone come across this before and would the trust deed come under this?
Thanks
Jock
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Kevin Mapstone
Trust Deed Expert



3381 Posts

Posted - 11 August 2017 :  08:32:57  Show Profile  Reply with Quote
Whilst it could be argued that a Trust Deed isn't a bankruptcy as such, it is still an insolvency procedure and I think I'd probably make mention of it on the form just to cover yourself.
The lender will no doubt find out about your Trust Deed as part of the process so I think it is probably best just to be up front about it.

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jock67
Contributor

10 Posts

Posted - 11 August 2017 :  08:45:18  Show Profile  Reply with Quote
Thanks, I have done public searches and I am not on any register and was upfront with the mortgage broker in the first instance and she advised there was nothing on my credit file, might be best to call the solicitors?
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