Turned down at BM Solutions & Mortgage Works!! Help please

Tigsteroonie

ACG wrote: »

A trust deed is a form of insolvency and is similar to bankruptcy (thats my limited understanding as I dont really do mortgages north of the border).

Just to clarify, a Trust Deed is the Scottish equivalent to an IVA.

Sequestration is their name for bankruptcy.

Malmo

danielonline87 wrote: »

I don't know what he wrote on the application. Can anyone advise on a suitable company to lend me a small residential considering past money issues.

Any suggestions would be very helpful to me.

I don't think any of the brokers here will be able to advise and name a specific lender to you on here as such financial advice is heavily regulated.

Have you engaged an experienced broker?

ACG

Ive got a few minutes so just been to check as im intrigued now - everyday is a school day and all of that...

http://www.stepchange.org/Howwecanhelpyou/TrustDeedScotland.aspx

A trust deed is a form of insolvency, so your unsecured debts need to outweigh the value of your assets, such as a house or vehicles.

I have a feeling most lenders would view this in the same way as they would bankruptcy or the Scottish equivalent and most lenders say 3 years discharged for that.

Its not something I have ever had to deal with personally but it appears to be more serious than a DMP so I think trying to overcome this is going to be a challenge for residential and BTLs.