mortgage after trust deed (scotland)

mhairib_2

hi there
just wondering if some one could answer my question.

I entered into a trust deed over 3 years ago due to debts and i have now been discharged, what I want to know is my husband is wanting to remortgage, (only in his name at present), to joint names.

We recently got a "joint" loan, in both our names, from our bank, Im the second name listed which I was surprised at getting accepted for.

Do you think this will help for me getting on a joint mortgage, obviously my husband will be named first on it?

Thanks in advance
MB

_Andy_

Yes it will probably affect the chances due to your adverse credit.

herbiesjp

Trust Deeds/IVAs are a big problem in terms of getting a mortgage

With you being on a joint mortgage it will not help the application - it will probably lead to declines

mhairib_2

so why did I get a loan with my husband?

herbiesjp

I cant answer for the criteria of the loan company, as I do not know them

I can say however, that if you have a Trust Deed registered on your credit file, it will mean having pretty much no options

If you were in England you might have a couple of options, depending on the LTV, but those lenders do not lend in Scotland

nikkiscotland

I paid my trust Deed off in Nov 2009 and my partner and I are looking to move into a house together. He has a flat he owns and we are trying to sell it and move. We have 20K deposit and want a mortgage for £130K max however a brokers came back and said NO one will loan us due to me now being out of my TD for 3 years?? Is this right?? Does anyone know if this is true or does anyone know a good company or broker I can call?? I did not think it would be so hard my partner credit files excellent and my scores 770 but this is proving to be a nightmare... any advice or help is so so welcome:mad::mad::mad:...

PerpetuallySkint

If i remember, a trust deed lasts for 36 months. and although you are obsolved from all debts included in that deed, the defaults etc etc will still stay on your credit file for a further 3 years.

my sister had a trust deed , and after she had received her release letter from the trustee accountant, she and her partner applied for a mortgage, and were approved. this was some time ago however, and obviously the ecomonic climate has vasty changed.

as has been suggested, contact a whole of market broker and discuss your options with them. they will be able to give you a definitive answer on where you stand.

good luck

PerpetuallySkint

mhairib wrote: »

hi there
just wondering if some one could answer my question.

I entered into a trust deed over 3 years ago due to debts and i have now been discharged, what I want to know is my husband is wanting to remortgage, (only in his name at present), to joint names.

We recently got a "joint" loan, in both our names, from our bank, Im the second name listed which I was surprised at getting accepted for.

Do you think this will help for me getting on a joint mortgage, obviously my husband will be named first on it?

Thanks in advance
MB

further to my reply above, id suggest you check your credit file, and score. get a rough idea of where you stand with regards to credit health. this will be a rough indication, as i am now aware that all credit grantors have their own scoring system.

presumably, with the loan being granted with your husband, there would be creditors out there who would consider your application, but its best to get a whole of market broker, explain all the circumstances and he will reccommend the right direction to go.