Remortgaging after a Trust Deed - Scotland

bestmumof3

Does anyone on here have experience of remortgaging once a Trust Deed has "expired".

My husband signed a Trust Deed in Nov 2002. I had to arrange to purchase his share of the equity of the house and also the endowments.

We only have about £24,000 left to pay on the mortgage, over 7 years. Our house was recently valued at over £130,000. We are looking to remortgage, up to £45,000 over 10 years - to buy a car, get rid of my credit card and also I am going to teacher training college for a year, therefore will not be working.

Any experience or advice would be gratefully received.

bestmumof3

Anyone with any experience in Trust Deeds?

fermi

bestmumof3 wrote: »

Anyone with any experience in Trust Deeds?

While you are waiting you could look here: DQs - Debt in Scotland

Prudent

I am sorry, I don't know anything about trust deeds, but I am sure people will come along that can help

Part of your post caught my attention though. I was wondering if you are aware of how difficult it is to get teaching jobs in Scotland just now? Probationers are often competing against three hundred other applicants. Primary teaching is especially competitive. In Secondary supply work can be very patchy and just about non existant after the Easter holidays. Have a look at the Scottish part of the tes forum. So many students going through college or probationers are already accepting their income from taeching may be very limited.

I don't mean to sound pessimistic, but I know there is a lot of anger that prosepctive applicants are not made aware of this before entering college. If you are relying on your income, then teaching my not be a good option.

Bexter

I can't give advice on remportgaging but I have just applied for a first mortgage after completeing my Trust Deed and with the current credit crucnh, it has hnot been easy. Mainly due to the much lower availability of adverse products from lenders - but I am looking for a 90% LTV wheras it sounds like yours will be lower.

My main advice would be;-

- has your husband checked his credit files? My experiemce is that aftr a Trust Deed, a lot of creditors leave the files as 'default', wheras you can send them a copy of discharge letter and ask them to change it to settled. PLUS the date of this should be no later than the date the Trust Deed was signed - this is important as all the defaults will drop off his credit file after 6 years (which should be sometime this year from my calculations?) But many mark them as defaulted from months after the deed was signed - so they stay on longer. I have a template letter if you want this?

- he should also consider applying for an adverse credit card - Vanquis or Aqua if he doesn't have. Use for small amounts and repay each month on time to rebuild a credit file. I got both of these in the last year (my TD began in 2003)

- finally, you need a good broker to guide you through - I don't know where exactly you are but if you want more info PM me and I'll try and help?

Bex