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Harls1
Contributor

13 Posts

Posted - 21 June 2020 :  22:15:18  Show Profile  Reply with Quote
Hi I will make my last payment on the 1st July 2020 #128513; and will be soooo relieved. I had a mortgage when I started and took the option to protect by the addition of 12 months making a 5 year TD as no equity in the property to cover debts. My question is much has changed in 5 years and I have a new partner after my divorce that triggered the TD, since I have a mortgage in my own name can I get a mortgage with my new partner to get a new start in another house.? I also had an extension to my TD which started on 1/08/2014.
How likely would it be to now get a joint mortgage 6 years after my TD started.
Thanks in advance

Harls1

Paul McDougall
Trust Deed Expert



67 Posts

Posted - 22 June 2020 :  08:00:41  Show Profile  Reply with Quote
Moring Harls

The Trust Deed will affect your ability to obtain a mortgage as it is credit scored. Once you are discharged from the process, you score will start building back up but It does take time.

Have you spoken to a mortgage advisor ?

P

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Harls1
Contributor

13 Posts

Posted - 22 June 2020 :  08:56:18  Show Profile  Reply with Quote
Hi Paul
I havenít yet approached a lender. I just thought I would ask the community first. I will now fortunately have equity. Is it worth speaking to my current mortgage provider to see if I can add a partner on and move? Or is independent advice better?
Thanks

Harls1
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TDA (Debt Adviser)
Trust Deed Expert



13402 Posts

Posted - 22 June 2020 :  09:05:18  Show Profile  Reply with Quote
Hi Harls1,

Most mortgage lenders utilise criteria about time since discharge. When this has been discussed here previously we were only able to identify one or two mortgage lenders who were prepared to lend one year following discharge.

Other mortgage lenders may be willing to consider an application two years (or more) after discharge.

I'm afraid I'd expect your existing lender to apply their usual lending criteria if you're looking to get a new mortgage for a new property.

There's no harm in speaking to your current lender about this as they're more likely to be flexible than a lender you do not have a relationship with already.

There's also no harm in contacting a mortgage broker who will have a current insight into lending criteria and products in the market.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Harls1
Contributor

13 Posts

Posted - 22 June 2020 :  12:07:57  Show Profile  Reply with Quote
Thanks for your advice I will enquire with my current lender and also speak with a mortgage advisor. More importantly the relief of finalising my TD is the most important thing. Got to say it was the only option I thought I had at the time and have been through many ups and downs. A divorce due to debt my partner accrued in joint names then walked away leaving the debt on me. Advice to anyone think long and hard about entering a TD it is tough but, the relief is far greater and a brighter future to look forward too. I have always been in work and lived within my means unfortunately wrong decisions in life led to my situation but, I am stronger for them and look forward to a debt free future#127752;#128513;

Harls1
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TDA (Debt Adviser)
Trust Deed Expert



13402 Posts

Posted - 22 June 2020 :  12:31:04  Show Profile  Reply with Quote
That's good to hear Harls1 and well done for reaching the very final stages of your trust deed.

Even if it takes a little longer than you hope to be able to purchase a new property together it must be nice to start planning for exciting things like this in the future.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Harls1
Contributor

13 Posts

Posted - 22 June 2020 :  19:13:09  Show Profile  Reply with Quote
Thank you for your advice and support #128077;

Harls1
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