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 Mortgages after Trust deed.

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T O P I C    R E V I E W
Black Night Posted - 11 March 2020 : 23:35:24
Been approved in principal for a mortgage with Nationwide. The questions asked regarding credit history were as follows and word for word are
Have you been declared bankrupt or voluntary entered into a voluntary arrangement with a creditor in the last 6 years?
Have you ever had a county court judgment against you?
Have you ever had a property repossessed?

Trust deed signed July 2013 and Discharged June 2017. Truthfully able to answer no to all three.
Had a look at their lending criteria on their intermediaries site and it looks as though if you’ve been discharged three years rather than the usual six years that’s acceptable.
Clean as a whistle credit checks with TransUnion and Equifax and it was a green light.
Thought I’d share as the Mortgage question crops up regularly.
15   L A T E S T    R E P L I E S    (Newest First)
TimeLord Posted - 23 April 2020 : 22:12:20
I got mine with Accord and it was one of the best rates on the market at the time, lower than my bank, BoS, who also offered me one. Deposit was 5%.

There are good options out there so don’t just go with Nationwide
Black Night Posted - 20 April 2020 : 20:26:04
Same rates as everyone else hthomson16. Not an enhanced rate or anything. As long as your credit files are in order and everything off them. All the defaults and the trust deed gone you would be fine. This should all happen 6 years from signing the trust deed. You might need to chase the accounts showing defaults to get them in order but easy enough done. I’m going onto a 2 year fixed rate of 1.79%. IIRC they use TransUnion for their main credit checking.
hthomson16 Posted - 20 April 2020 : 16:39:58
Hi All,

For those who have had a mortgage accepted 2+ years after ending the trust deed, could I possibly ask what rate you were offered with Nationwide? I will be finishing my trust deed soon and looking to save for a mortgage as soon as possible but not sure what rates will be available to me.
TDA (Debt Adviser) Posted - 14 April 2020 : 10:31:54
That's great to hear Black Night.

Hopefully things can safely to normal, sooner rather than later, and all of these things can begin to progress.
Black Night Posted - 09 April 2020 : 19:06:35
Received a formal mortgage offer this morning. Just need the lockdown to be lifted,my house sold and the builder to get back to work on the new one. Not wanting much. There is life after a trust deed.
Black Night Posted - 29 March 2020 : 19:55:34
Credit files showing a hard search from the Nationwide during the week too.
Black Night Posted - 26 March 2020 : 10:24:20
The visit took place on Monday just before the “lockdown”. I had a text from the Nationwide to say it had been done and if they needed anything else they would be in touch. Fingers crossed. It’s all a bit in limbo for obvious reasons but still biting my nails here.
David Tannock Posted - 25 March 2020 : 12:48:19
I'd like to think that they wouldn't carry out a site visit for a valuation and incur costs if they weren't confident that you met their lending criteria. Any news on the visit or has it been postponed?

That's great to hear tinsoldier and will give others the confidence of going onto to secure a mortgage quickly after completing their Trust Deed.
tinsoldier Posted - 22 March 2020 : 23:47:32
Hi

I was approved for a mortgage by Nationwide in 2013, exactly 2 years after I received my trust deed discharge

Black Night Posted - 21 March 2020 : 18:47:54
Still in progress. They are doing a site survey ( it’s a new build) on Monday. I assume there are no hitches as it surely wouldn’t get that far if there were credit worthiness problems. I’ll keep everyone posted on further progress. Seems to be taking ages tho. Entry won’t be until June/July assuming I can get my house sold without too much problems. Thus bloody virus might say different tho.
TDA (Debt Adviser) Posted - 18 March 2020 : 19:53:48
Hi Black Night,

It would be great if you could let us know how this mortgage application progresses. Fingers crossed for you.
Black Night Posted - 13 March 2020 : 13:52:49
David I had a look around but ended up using a FA to make sure there shouldn’t be any snags. We are going to do the application proper early next week so fingers crossed. This could part answer another age old question of do lenders keep a separate list of customer defaults of their own. Nationwide were part of the creditors in my Trust deed. My guy at Clark Gillone seems very confident. Me not so much. We will find out soon enough. I’m hoping it’s just a case of Computer says Aye.
Kevin Mapstone Posted - 12 March 2020 : 19:51:06
Good to hear that, Black Night. Thanks for sharing.
TDA (Debt Adviser) Posted - 12 March 2020 : 10:33:48
Hi Black Night.

Congratulations on making this progress with your mortgage application.

I do think that starting a protected trust deed probably falls into the category of being a "voluntary arrangement with a creditor".

"Entering into" does seem to imply the starting date of a "voluntary arrangement with a creditor" though, so I think you're absolutely correct to answer as you have.
David Tannock Posted - 12 March 2020 : 09:37:33
Hi Black Night,

Thanks for coming back onto the forum to share this positive news. Like you said It’s always a question that people will ask at the start of the advice process about credit ratings and their ability to go on and secure a mortgage. Reading posts like this will give people the confidence that it is possible but takes a little time.

Did you shop around different mortgage providers before proceeding with Nationwide or speak with a financial advisor?

Please keep us updated with the full application and good luck buying a property.

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