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Black Night
Frequent Contributor

48 Posts

Posted - 11 March 2020 :  23:35:24  Show Profile  Reply with Quote
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 youíve been discharged three years rather than the usual six years thatís acceptable.
Clean as a whistle credit checks with TransUnion and Equifax and it was a green light.
Thought Iíd share as the Mortgage question crops up regularly.

Black Night
Frequent Contributor

48 Posts

Posted - 11 March 2020 :  23:37:33  Show Profile  Reply with Quote
Actually not quite word for word the first voluntary shouldnít be there in the first question. #128528;
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David Tannock
Trust Deed Expert



2383 Posts

Posted - 12 March 2020 :  09:37:33  Show Profile  Reply with Quote
Hi Black Night,

Thanks for coming back onto the forum to share this positive news. Like you said Itís 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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TDA (Debt Adviser)
Trust Deed Expert



13361 Posts

Posted - 12 March 2020 :  10:33:48  Show Profile  Reply with Quote
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.

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Kevin Mapstone
Trust Deed Expert



3851 Posts

Posted - 12 March 2020 :  19:51:06  Show Profile  Reply with Quote
Good to hear that, Black Night. Thanks for sharing.

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Black Night
Frequent Contributor

48 Posts

Posted - 13 March 2020 :  13:52:49  Show Profile  Reply with Quote
David I had a look around but ended up using a FA to make sure there shouldnít 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. Iím hoping itís just a case of Computer says Aye.
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TDA (Debt Adviser)
Trust Deed Expert



13361 Posts

Posted - 18 March 2020 :  19:53:48  Show Profile  Reply with Quote
Hi Black Night,

It would be great if you could let us know how this mortgage application progresses. Fingers crossed for you.

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Black Night
Frequent Contributor

48 Posts

Posted - 21 March 2020 :  18:47:54  Show Profile  Reply with Quote
Still in progress. They are doing a site survey ( itís a new build) on Monday. I assume there are no hitches as it surely wouldnít get that far if there were credit worthiness problems. Iíll keep everyone posted on further progress. Seems to be taking ages tho. Entry wonít be until June/July assuming I can get my house sold without too much problems. Thus bloody virus might say different tho.
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tinsoldier
Advanced Contributor

737 Posts

Posted - 22 March 2020 :  23:47:32  Show Profile  Reply with Quote
Hi

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

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David Tannock
Trust Deed Expert



2383 Posts

Posted - 25 March 2020 :  12:48:19  Show Profile  Reply with Quote
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.

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Black Night
Frequent Contributor

48 Posts

Posted - 26 March 2020 :  10:24:20  Show Profile  Reply with Quote
The visit took place on Monday just before the ďlockdownĒ. 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. Itís all a bit in limbo for obvious reasons but still biting my nails here.
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Black Night
Frequent Contributor

48 Posts

Posted - 29 March 2020 :  19:55:34  Show Profile  Reply with Quote
Credit files showing a hard search from the Nationwide during the week too.
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Black Night
Frequent Contributor

48 Posts

Posted - 09 April 2020 :  19:06:35  Show Profile  Reply with Quote
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.

Edited by - Black Night on 10 April 2020 17:50:49
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TDA (Debt Adviser)
Trust Deed Expert



13361 Posts

Posted - 14 April 2020 :  10:31:54  Show Profile  Reply with Quote
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.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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hthomson16
New Member

5 Posts

Posted - 20 April 2020 :  16:39:58  Show Profile  Reply with Quote
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.
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Black Night
Frequent Contributor

48 Posts

Posted - 20 April 2020 :  20:26:04  Show Profile  Reply with Quote
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. Iím going onto a 2 year fixed rate of 1.79%. IIRC they use TransUnion for their main credit checking.

Edited by - Black Night on 21 April 2020 18:49:04
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