Mortgage after trust deed?

SoreHeid

After years of renting we are looking at trying to get a mortgage following a trust deed that was completed two years ago. Trust deed was initially started six years ago, so I'm hoping that after six years it drops off? Is this correct?

Anyway, I know I'll need to speak to a broker, but looking for any advice people can give me if they have been in a similar situation. Credit history is still poor following the TD (think this is an IVA in England)

Parents would be happy to act as guarantors I'm sure, but would they be able to take a 2nd mortgage out in their name? (they already own their house).

I was even thinking of a scenario of my parents taking out mortgage for us, then we transfer to our name after say 5 years when credit history is clear. Not sure if that's possible or not.

Any tips/helps/advice would be much appreciated......

Thrugelmir

The impact of the Trust Deed will reflect on your credit record from the date it commenced to when it finished. As lenders calculate their credit scores based on the previous 6 years data.

Suggest you speak to a local mortgage broker. As some lenders may well decline your business due to the recent nature of the trust deed.

SoreHeid

Thrugelmir wrote: »

The impact of the Trust Deed will reflect on your credit record from the date it commenced to when it finished. As lenders calculate their credit scores based on the previous 6 years data.

Suggest you speak to a local mortgage broker. As some lenders may well decline your business due to the rent nature of the trust deed.

Thanks for feedback.

If TD still showing would it be impossible together a mortgage? Or do some out there cater for this?

Thrugelmir

SoreHeid wrote: »

Thanks for feedback.

If TD still showing would it be impossible together a mortgage? Or do some out there cater for this?

Much depends on the individual circumstances of your application. As credit history is only one factor in the entire underwriting process.

Dave_Ham

Hi there,

Potentially this could be achievable although will depend upon your % deposit and your current account recent conduct.

Suggest 15% as a minimum will be required and a good broker..

Good luck