Things To Consider For Getting A Mortgage After Trust Deed

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Things To Consider For Getting A Mortgage After
Trust Deed
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• When you finished your Trust Deed, you rightly
  felt a huge surge of relief. That was it the
  debt solution that finally helped you overcome
  your debt-laden life.
• What you may not have counted on was just how
  much your Trust Deed may affect you in the years
  to come.
• If youre now finished with seeking debt help,
  but instead need mortgage advice after completing
  your Trust Deed, read on.

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First of all It is possible to obtain a
mortgage following a Trust Deed

• While it may take longer to secure a mortgage,
  its entirely possible that you will one day own
  your own home. But before then, theres something
  you need to do
• You must stick religiously to a budget, and
  manage your finances responsibly
• That means no late payments, no defaults and
  certainly no debts that go to a collection
  agency. If you feel that youre struggling with
  debt again, you must seek debt help as soon as
  possible to explore debt solutions.

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A key question How long after your Trust Deed
can you apply for a mortgage?

• A Trust Deed runs for four years. Once this debt
  solution comes to an end your credit record will
  reflect the successful completion of your Trust
  Deed, after which time it will remain reflected
  on your credit history for a further six years.
• For these six years your options for credit
  products will be limited, especially in terms of
  a mortgage. Whats more, even when these six
  years have passed, the fact that you need to
  declare your Trust Deed debt solution as part of
  the mortgage application means that its highly
  unlikely that youll receive a good interest
  rate.

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After your Trust Deed - Top tips for a better
chance of obtaining a mortgage

• 1. Save as much as possible for your deposit
• A larger deposit will always make you more
  appealing as a borrower, as it reduces the risk
  to a lender.
• As youre now free from the repayments that you
  were making to your Trust Deed, you may want to
  consider using this money to save for a deposit
  instead.

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• 2. Use a mortgage broker whos aware of your past
  Trust Deed
• A broker is an excellent source of debt help for
  those whove finished a Trust Deed. They have
  free access to the mortgage market and will be
  able to advise as to which lenders are most
  likely to accept those whove used debt solutions
  previously.
• This also avoids the impact that approaching
  multiple individual lenders can have on your
  credit report, as each lenders check on your
  file will leave a marker on your credit report.
  

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• 3. Use a free credit report tool to rebuild your
  credit after using a debt solution
• Checking your credit file can help you pick up on
  any incorrect information thats held about you
  that may harm your chance of mortgage approval.
• As a starting point, you may want to consider
  applying for a Credit Builder credit card, as
  you may be unable to receive approval for
  mainstream lending. If you do choose to use this
  type of card, just be sure to repay the balance
  in full every month.

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• 4. Be prepared to explain your past circumstances
• Why did you originally seek debt help in the form
  of a Trust Deed debt solution? Being willing to
  answer this question can help lenders understand
  whether there were any extreme circumstances that
  led to your debts, and how this would be unlikely
  to reoccur in the future.
• This may not apply to everyone (such as those who
  needed debt help after poor financial
  management). However if you were ill or made
  redundant, which then led you to need a debt
  solution, its certainly well worth explaining
  this to your mortgage broker.

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Thank You

• National Debt Help
• Beckwith House,
• 1 Wellington Road North,
• Stockport, SK4 1AF
• https//www.national-debt-help.co.uk