Scottish Trust Deed

kelrick

i am on my last month of a 3year Trust Deed.... (so excited)
anyone no what happens next?

(i have cleaned my act up - the main thing am after is a morgage, we not in todays market but when its all better and banks loan again.)

So_Sad_Angel

Hi Kelrick

Not sure of the Scottish system but well done on getting through this...hope there are some Scots on here soon with the answer.

I think that as this recession deepens there will be so many people with poor credit history that getting a mortgage after BR may not be a tough as it was...after all you as an ex BR will have no other debt!! Just get saving for a good deposit first.

Angex

kelrick

sorry correction (may have started in feb but paperwork started later)

i am FINISHED now.....
its been a long 3yrs, i have finished just in time for house prices to fall and bank not to hand out morgages lol

so again what happens next? do i get a certificate or does it apear on my credit report?

Pammybun

Hi, well done on getting through things:T

We are also in Scotlad and are currently in the bankruptcy situation and our landlord is a mortgage advisor so we have been asking him about how we would get a mortgage when we get discharged.

Basically as it stands now you really would not get a mortgage unless you have a LTV of 70% which either means you get a house ata giveaway price or you have to start saving a lot of pennies!!!!

What he suggested to us as a good way to begin is to go down the shared ownership route - he informed us that we could get a 100% shared ownership deal (ie 100% of say 50% of a house) or at worst a 90% deal. I know this means renting and paying a mortgage but it is a good way of restoring your credit while also having your own home - if yu go doen the interest only route then you will pay less for shared ownership than you would for an outright rental.

He suggested that we do that for about three years and then apply for a full mortgage.

Hope this helps and good luck!

Pam

kelrick

many thanks for the info......
trust deed told me i got to wait 5-6months for my discharge letter, so i gess i cana do much till that comes in.
then i will have to find a bank that will loan to me (prob no1)