Poor Credit & a Trust Deed

Andrew092

Hello everyone,
First time posting, thanks for the opportunity! We are based in Scotland so unsure if the same terminology is used in England.

So basically my wife and I have a mortgage together and were looking into the possibility of moving house or borrowing additional money to renovate etc. 
My wife is currently in a trust deed so she cannot get any credit for the next 5 years or longer and I have poor credit due to defaulted payments and poor credit in the past. We have spoke with a local mortgage company who have told us that we couldn’t get another mortgage and the lender we are with would not “port” it to another property.

So we are unsure of what choices we have and what we can do? Feels as if we are stuck here or we have to sell and rent out somewhere.

Any advice would be greatly appreciated! 

ACG

I dont really get many trust deed enquiries, so my knowledge is not the best on them. However, my understanding is that technically they are like a DMP but for some reason lenders treat them more like an IVA. 

In the back of my mind somewhere there is a lender who will treat it like a DMP but for the life of me I cant think who. 

My personal view is that you need to go and get a second opinion. It might be the case the other broker is right, but it might also be that they dont want to do it or cant do it and so rather than admit its a gap in their knowledge, they just say it cant be done. I do a lot of adverse and the amount of people I see who have been told they wont be able to get a mortgage is ridiculous. 

Andrew092

Thank you very much for reply! 

Yeah think I might seek some more advice. 

What is a DMP if you don’t mind me asking?
thanks