Trust Deed Forum - Life and hope after Trust Deed (My Story)
Trust-Deed.co.uk
Home Home Page


















Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 Life and hope after Trust Deed (My Story)
 New Topic  Reply to Topic
Next Page
Author Previous Topic Topic Next Topic
Page: of 2

solidstates
Contributor

7 Posts

Posted - 29 October 2017 :  21:21:37  Show Profile  Reply with Quote
I just wanted to share my experience with others who like me felt that life after a Trust Deed would hinder your ability to obtain a mortgage after was completion and that you may have to wait a good few years before you would be considered for a mortgage.

Both me and my partner entered in to a Trust Deed around March 2011 which was discharged in February this year (2017) however after reading posts and different threads I decided to go through a specialist broker who were recommended on here and specialise in people who have previously been in an IVA/Trust Deed so made my contact, submitted our application and basically crossed our fingers and toes.

The most important thing and best advice I can give to anyone is to ensure your credit files are up to date and your defaults have fallped of your file. For me, due to the dates i.e. 6 years since I entered the Trust Deed, they all started fallping off with the last being in July this year. The Trust Deed had fallped off also and although this still shows on the AIB Insolvency Website and still shows currently.

After submitting the application and being given advice and counsels that I would receive a mortgage at a high street rate I was dubious to say the least but what could I lose!

Now, the important thing to remember is that everyoneís circumstances are different and I suppose personally we have been lucky in that we had equity in our property so when the offer in principle came through from the Halifax it was with a 15% deposit requirement which I know for some folk coming out of a Trust Deed this may be difficult to raise a 15% deposit however if similar to ourselves you can raise the deposit it is possible and the process was relatively painless and straight forward which totally surprised me.

The main factors I have learned from this, it was more than 6 years since we had entered in to our Trust Deed and we were able to raise the 15% deposit, and our credit files were clear.

As I said, I just wanted to share our experience as I know there are others on here in a similar position to what we were in and if this gives you some additional insight in to the real possibilities based on our experience that within 6 months of my Trust Deed ending we were able to receive a mortgage offer in principle and bought our new property this month.

Finally, I want to thank everyone at Zebra, especially Mike as I know you guys offer support and advice on these forums and I canít recommend their services enough so folk, the dream can be definitely alive, it was kicking and there is life after a Trust Deed.

TDA (Debt Adviser)
Trust Deed Expert



12195 Posts

Posted - 30 October 2017 :  10:32:33  Show Profile  Reply with Quote
Congratulations to you solidstates.

We appreciate you taking the time to write this here so that others can learn from your experience.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3444 Posts

Posted - 30 October 2017 :  11:04:08  Show Profile  Reply with Quote
That's great solidstates, enjoy your new home!

It prompts to wonder how different your situation may be now if you had not chosen to go down the Trust Deed route. Presumably, you would still be struggling to pay down debts, still have active debts in default on your credit file and the chances of a new mortgage would be next to nil.

There is a mental hurdle that most face when considering their options, as a trust deed can seem such a drastic step. But whilst they are certainly a black mark on your file in the short/medium term, in the long run they can really help to clear all of the negative stuff away and help you move on much more quickly.

Thanks very much for sharing your story as I'm sure it will be very reassuring to people who are currently back where you were around 7 years ago.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page

Mandy75
Frequent Contributor

35 Posts

Posted - 07 February 2018 :  23:06:37  Show Profile  Reply with Quote
Solidstates How long after your trust deed fell of your credit file did you apply to Halifax?

AJ
Go to Top of Page

solidstates
Contributor

7 Posts

Posted - 08 February 2018 :  08:44:18  Show Profile  Reply with Quote
Hi Mandy75

Exactly 6 years, all done automatically and no requirements to chase up.
Go to Top of Page

Mandy75
Frequent Contributor

35 Posts

Posted - 08 February 2018 :  08:57:06  Show Profile  Reply with Quote
Ours fell off at end of January but our mortgage broker Is struggling to help us, says it may need to be 6 years from discharge, Knightsbridge stalled our discharge for 11months between sickness and change of Trustee, we have placed a deposit and now are gutted this may all fall apart!

AJ
Go to Top of Page

Mandy75
Frequent Contributor

35 Posts

Posted - 08 February 2018 :  09:00:21  Show Profile  Reply with Quote
The mortgage isnít even needed until Aug/sept, so frustrating.

AJ
Go to Top of Page

Mandy75
Frequent Contributor

35 Posts

Posted - 08 February 2018 :  18:19:56  Show Profile  Reply with Quote
solidstates I contacted my broker today and he says it has to be 6 years from completion date which for us is April. Can you advise me if yours was 6 years from signing or completion? Did you approach them directly or through a broker? Thanks

AJ
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3444 Posts

Posted - 09 February 2018 :  10:51:47  Show Profile  Reply with Quote
Maybe you should get a second opinion Mandy75?

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12195 Posts

Posted - 09 February 2018 :  10:57:15  Show Profile  Reply with Quote
I agree with Kevin here Mandy75.

We know of lenders that will provide mortgage products two or three years after discharge. We also know of a credit union (covering a limited geographical area) that will consider an application one year after discharge.

I suspect the broker you spoke with doesn't do a lot of work on this type of mortgage application.




Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Mandy75
Frequent Contributor

35 Posts

Posted - 09 February 2018 :  11:30:28  Show Profile  Reply with Quote
Who do I go to then? Currently have a mortgage with Nationwide, have never in all the years of paying a mortgage missed a payment! What are the names of the companies as Iím sure this would not only be helpful to but also to others, thanks in advance, AJ

AJ
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12195 Posts

Posted - 09 February 2018 :  11:39:03  Show Profile  Reply with Quote
The Glasgow Credit Union has been mentioned here by others as considering applications when someone has been discharged for a year or more. You'd have to live in their patch. We're not offering any comment on whether this lender or their products would be suitable for your needs.

Regarding the others, they'll change over time. You'll find that there are some mortgage brokers who only want to handle straightforward mortgages. There are also mortgage brokers that take a particular interest in more complex work.

You could find out the names of some brokers locally and see if they handle more complex work. You'll also be able to find online mortgage broking firms that consider themselves to be specialists in sourcing mortgages where there are credit rating considerations in play. They have systems to help identify which lenders might be able to assist you at any particular point in time (including non High Street lenders that you will not have heard of and cannot apply directly to).

We have to be careful about the extent we guide people towards specific lenders and/or products. Providing mortgage advice is a separately regulated area of activity which we are neither authorised nor regulated to conduct.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Mandy75
Frequent Contributor

35 Posts

Posted - 09 February 2018 :  11:39:04  Show Profile  Reply with Quote
Happy to be emailed if not allowed to give on forum, AJ

AJ
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12195 Posts

Posted - 09 February 2018 :  11:41:12  Show Profile  Reply with Quote
You may have done this already, but it's possibly worth contacting your current lender to establish whether your existing mortgage is "portable".

In certain circumstances this might mean you can take your existing mortgage to a new property.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Mandy75
Frequent Contributor

35 Posts

Posted - 09 February 2018 :  11:59:53  Show Profile  Reply with Quote
Thatís great, hadnít gone to our current provider as thought they may reject us, AJ

AJ
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12195 Posts

Posted - 09 February 2018 :  13:04:39  Show Profile  Reply with Quote
If the mortgage is portable it isn't really a new application.

This might not be a helpful route if your new mortgage will need to be larger than your existing mortgage, but still no harm in asking I guess.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page
Page: of 2 Previous Topic Topic Next Topic  
Next Page
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2018 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Channel Active Limited. Company Number: 06412452. Data Protection Registration: Z1332750.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.