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Twothirdsin
Contributor

12 Posts

Posted - 23 July 2017 :  11:49:05  Show Profile  Reply with Quote
Hi all
I completed my trust deed in December 2016. It has been removed from my credit file and no longer show under an AIB search.
My credit files have all now been updated and have no debts and all are excellent for ratings. Experian now showing 999 for a credit score.
My question is should I be able to get a joint mortgage ok now?
We have a good deposit when we sell our current house and have a decent income too.

Even a quick chat with a lender without taking into account guaranteed overtime they can potentially lend us about 40k more than we would require.
We are going to see a mortgage advisor this week but just wanted some pre advice if possible!
Thanks

tinsoldier
Advanced Contributor

673 Posts

Posted - 24 July 2017 :  01:17:24  Show Profile  Reply with Quote
How can a TD finishing in 2016 be removed from your credit file?!

Good luck with the mortgage search, try a broker who does all of market.
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Twothirdsin
Contributor

12 Posts

Posted - 24 July 2017 :  07:53:53  Show Profile  Reply with Quote
It fallped off 6 years from the register d date which was 13/12/10.have rules changed since then maybe??
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TDA (Debt Adviser)
Trust Deed Expert



11952 Posts

Posted - 24 July 2017 :  09:10:00  Show Profile  Reply with Quote
Hi Twothirdsin.

It's clearly very positive that your trust deed no longer appears on your credit file.

The potential issue is that some lenders will have product restrictions that mean they'll only lend if someone has been discharged, for example, for two or three years.

While the information isn't on your credit record they're entitled to ask about this in their application forms. They may also have kept their own records about personal insolvencies.

I'm afraid the number of lenders prepared to lend while you are less than one year out of your trust deed is likely to be pretty low.

As tinsoldier advised, contacting a mortgage broker is likely to improve your chances of success and reduce the amount of time you might otherwise waste approaching lenders that have stricter rules on this type of scenario.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Twothirdsin
Contributor

12 Posts

Posted - 24 July 2017 :  09:28:47  Show Profile  Reply with Quote
Thanks for the reply!
Are there any suggestions of any more likely lenders?
We are seeing an advisor this week and had hoped for
Some positive news but maybe that's unlikely?

Edited by - Twothirdsin on 24 July 2017 09:29:09
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TDA (Debt Adviser)
Trust Deed Expert



11952 Posts

Posted - 24 July 2017 :  09:56:51  Show Profile  Reply with Quote
The Glasgow Credit Union has been one organization mentioned on here in recent times that might consider an application within a year of discharge, but for obvious reasons this lender will only be accessible to a limited number of people.

Beyond that I don't really have any information which is why an independent mortgage broker is likely to be a much better source of help than we are.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Twothirdsin
Contributor

12 Posts

Posted - 24 July 2017 :  09:58:03  Show Profile  Reply with Quote
I actually have given duff info!!!
I concluded my trust deed in 2013 and was discharged in
2014. I presume this means I may be in a better place?
That's why my credit is all good now?? I was getting confused with
The 6 years for stuff fallping off.
I hope my mistake means this will change to a more positive outcome??
Help!!!
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TDA (Debt Adviser)
Trust Deed Expert



11952 Posts

Posted - 24 July 2017 :  10:00:00  Show Profile  Reply with Quote
Yes - if you were discharged in 2014 there's likely to be more options.

Fingers crossed for you.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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tinsoldier
Advanced Contributor

673 Posts

Posted - 24 July 2017 :  18:20:10  Show Profile  Reply with Quote
Far better chance of getting a mortgage now!

We secured a mortgage with the Nationwide in 2013 exactly 2 years after I was discharged from my TD. You are in a very good position now.
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elle28
New Member

4 Posts

Posted - 09 August 2017 :  15:01:27  Show Profile  Reply with Quote
Hi everyone,

I was looking for some advice. I was discharged from my trust deed in November 2015 however the trustee has taken until now to actually pay off my creditors so the balances are only now beginning to show as settled. If people are able to obtain mortgages after two years can I ask if this was from the discharge date or from the date of settlements/ satisfied?

Thanks

Elle.

Elle
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TDA (Debt Adviser)
Trust Deed Expert



11952 Posts

Posted - 09 August 2017 :  15:11:05  Show Profile  Reply with Quote
Hi elle28.

Many mortgage lenders will have a straightforward rule that they're not prepared to consider lending for, for example, two years or three years after an individual has been discharged from a personal insolvency.

Once they are prepared to consider an application because you have been discharged for long enough they'll also want to review your credit report.

So, effectively, we're probably talking about two separate areas of interest to most mortgage lenders here.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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