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T O P I C    R E V I E W
Stuh88 Posted - 18 October 2020 : 10:35:08
Hi all,

Just wanted a bit of advice on our recent mortgage application. We have a DIP with Leeds building society and our full application is in. Our mortgage advisor said that it's looking good to get a mortgage offer.

The problem is, I just checked Leeds lending criteria and you must be discharged from an IVA 6 years for them to lend to you. My mortgage advisor is aware of my trust deed and when I was discharged (April 2017) I suppose my concern is someone from Leeds checks the Edinburgh gazette.

I'm gutted on discovering this information but the mortgage advisor seems to think it will be ok, I'm not sure I want to take the risk of getting a mortgage offer to then funds being withdrawn or getting found out later down the line. So frustrating as I entered my trust deed in 2012 and I couldn't be further away from the person I was back then, still hanging over me.
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TDA (Debt Adviser) Posted - 18 October 2020 : 12:26:36
Hi Stuh88,

To be honest, if your mortgage broker is aware of the trust deed and the lender's criteria they really should have disclosed it to them.

This might not be the case, but given that this is their lending criteria there might be a question along the lines of "have you been discharged from a personal insolvency process in the past six years" in the application form. I'd suggest asking the broker about this as answering a question like this incorrectly (and this being discovered) could result in someone ending up on the fraud registers that banks share to protect themselves. We heard from someone on here recently that inadvertently ended up on one of these registers and it can have really serious effects.

If you're on the Edinburgh Gazette then your trust deed is obviously discoverable if someone goes digging around.

I'm conscious that I've answered this all quite negatively and, in reality, your broker might be correct and everything will work out fine. There will be other lenders out there though with less restrictive lending criteria that would eliminate the worries and risks you're concerned about.

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