Mortgages & Scottish trust deeds question

damsidebear

My current mortgage term is due up come November, my broker who i have used for the past 5 years states that due to me not being fully discharged from my trust deed 6 years it still has a detrimental effect on who will offer me a mortgage thus any offer would be higher than the norm out in the market.

Can someone clarify this that in fact what my broker is stating is true?

It's not that I distrust him or have any reason to, but after casually speaking to another broker he doesn't seem to think it should have any effect al all; as my trust deed commenced Nov 03 and ended Nov 06!

Thrugelmir

Your broker is referring to the fact that 6 years need to pass from when the trust deed was completed. Not commenced.

So you would be clear in December 2012.

damsidebear

Thrugelmir wrote: »

Your broker is referring to the fact that 6 years need to pass from when the trust deed was completed. Not commenced.

So you would be clear in December 2012.

I am aware of what he is referring to, but my question is where can i find out that he is 100% correct and this is indeed the case as i am recieving conflicting information.

damsidebear

*update*
I asked what tracker mortgage over two years was available to myself (I’m with the Halifax at present) my broker informed me that they are offering a 2 year tracker at 3.34% over 25 years however it is only available at 75% LTV I am sitting at just over 76% LTV at present but that should change soon, does this sound like a decent deal to others? Or would you require more info to judge if it is a good deal or not? The option is there to change lender but my broker says it fee's would come in at over £500 taking into account it costs £245 to move from Halifax!

damsidebear

Bump anyone help?

m22kk56_2

Hi

I've had a similar experience. I started my trust deed in May 2007 and completed it 3 years later. Discharge wasn't until May 2010 though as the paperwork took nearly a year to complete (which I've heard from many people is normal)

However, the black mark on your credit file is only visible to companies for 6 years FROM THE DATE YOU SIGNED YOUR TRUST DEED. Therefore if you request a copy of your credit file, you should see no reference to your Trust Deed if you signed yours in 2003.

That should mean you have a very good chance of getting a mortgage from any supplier and at a competitive rate. Unless of course you have had any recent adverse credit....

In my situation, as my 6 years has no yet passed, I cannot get anyone to give me a mortgage at any rate of interest so going to have to sit it out until May 2013.

Hope this helps
Brian