Hi there, I signed a protected trust deed three years ago - Feb 07. I paid it off in full in Feb 08 so my obligations were all met then. I am in rented accomodation at the moment and if I want to buy AND stay in the right area for my family then the £40K savings I have amounts to about 15% deposit. I could probably raise enough to stretch it to 20%. Given my credit history (12 satisfied defaults and since Feb 07 a perfect record: carried on paying a mortgage until mid last year, have two mobile phones on contract, a current account and a savings account but no other entries on credit file, i.e. no credit cards, loans or whatever) coupled with the market situation is there any advice you can give me on bettering my chances of getting a mortgage / improving my credit score? Or is there no point? My Equifax and Experian records are all correct and up to date. I did a credit score on Experian and it was 900. We just tried HBOS and RBS on an 85% mortgage and both declined. I can only assume that the score we get from Experian and the one the lenders get is different. Experian shows the defaults satisfied but no mention of Deed. Equifax shows defaults satisfied and mentions Deed. We accept that we have lost out on this particluar house (just signed a 6 months rental agreement in any case) but want to make sure we work towards improving things. There might be nothing we can do - but I thought it worth asking. I guess if I am likely to have to rent for the next three years (i.e. we will be at the six year point then) I can handle the concept of that - but it would be good to know one way or another so that we don't keep looking for houses to buy and getting our hopes up. Sorry for the long winded question!
Hi I would try a mortgage broker rather than a High St bank for a mortgage Regards
Andy Davie, IVA.co.uk spokesperson and a Debt Advisor If you need any help or advice about the various debt solutions available please contact me via my website at www.andydavie.com Author of "Real life IVA stories" and Debt Counsellor of the year finalist 2010
Are trust deeds not held on file for 6 years like IVA's are from date of start ? Would they not have to wait until after the 6years when they drop off your credit record ? Sorry if I am wrong...but thought they might be !
Lulu Remain Focused and Positive and all will be ok!
Thanks Andy - this was through a broker. We are not willing to pay through the nose for a mortgage so I am not interested in Adverse Credit loans, perhaps these two lenders are the most appropriate but perhaps not. I'd be interested to know your thoughts - how do I know I am getting the best advice? I have known this broker for years but I guess that doesn't necessarily mean I will get the right advice. What has stopped me going elsewhere is the problem of mutiple credit searches.....
Hi I think you will get a better rates and more options once your Trust Deed is off your credit file. You need to use an all of market mortgage broker rather than a tied broker. Searches will be on your file for six months Regards
Andy Davie, IVA.co.uk spokesperson and a Debt Advisor If you need any help or advice about the various debt solutions available please contact me via my website at www.andydavie.com Author of "Real life IVA stories" and Debt Counsellor of the year finalist 2010
I signed a protected trust deed three years ago
Posted - 08 February 2010 : 17:56:54
