Trust Deed Forum - Mortgage - Light at the end of the tunnel!
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 Mortgage - Light at the end of the tunnel!
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Reidzer1314
Contributor

8 Posts

Posted - 08 April 2021 :  10:21:19  Show Profile  Reply with Quote
So I just wanted to share a little positive story in regards to a mortgage as I know this is a popular query that pops up on this forum.

Yesterday my self and my wife received an official mortgage offer, of a 90%LTV, from Halifax, which will now allow us to go ahead and complete the purchase of a house we have had an offer accepted for.

I was in a Trust Deed until the summer of 2018 and my wife until the very start of 2019. We did have to wait until the 6-year mark and until both our TD's fallped off our credit file but we go there in the end!

I know the process of a Trust Deed is difficult, even after you are discharged, but as I say, there is indeed light at the end of the tunnel.

Lee Reid

gibbo8907
Regular Contributor

15 Posts

Posted - 08 April 2021 :  10:29:20  Show Profile  Reply with Quote
Hi Reidzer1314,

That's great news, and congrats :)

It's even more happy for you as it's something myself and my wife are hoping to be able to do as soon as possible after our trust deed.. We're due to make out last payments each this month so looking forward to a little celebration before we begin to save (Plans are to put the whole trust deed value into savings, plus more if possible).

If you don't mind me asking, is there anything specific you done to help improve the chnaces of getting a mortgage so soon after the 6-year mark?

Thanks,
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Kevin Mapstone
Trust Deed Expert



3969 Posts

Posted - 08 April 2021 :  14:46:00  Show Profile  Reply with Quote
Thanks fantastic. Thanks for sharing!

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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TDA (Debt Adviser)
Trust Deed Expert



13705 Posts

Posted - 09 April 2021 :  09:42:18  Show Profile  Reply with Quote
That's wonderful news Reidzer1314 and I'm sure it will offer lots of encouragement to others reading your post.

For anyone reading this with interest in the topic, there's information about rebuilding your credit rating (including a section specifically about working towards getting a mortgage after a trust deed) at:

https://www.trust-deed.co.uk/repair-your-credit-rating.html

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Reidzer1314
Contributor

8 Posts

Posted - 09 April 2021 :  11:29:10  Show Profile  Reply with Quote
Hi Gibbo

Congrats on nearing the end of your Trust Deed!

After mine and my wife's TD ended we both took out small credit cards through Clearscore. I know that is not the most sound advice after coming out of a TD but all we did was place a week's shopping or a tank of fuel on them and then pay them off, to help build our credit score.

We also kept on top of the credit report, made sure all the accounts on it were taken off once the TD ended etc.

As you say as well, we saved and built up a decent deposit. We also went through an independent mortgage advisor who had dealt with cases of people being in Trust Deed's previously and he has been amazing is helping us secure the mortgage.

Lee Reid
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