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cantthink
| 20-08-2008 06:08 PM |
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Joined: 20 Aug 2008 Posts: 1 | Can anyone give me information. I have been in a protected trust deed for a year now and want to khow if I could get a mortgage as a first time buyer. |
| paladin | 21-08-2008 02:31 PM |
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Joined: 06 Jun 2007 Posts: 240 My Profile | You can get a mortgage whilst still in an Protected Trust Deed. However, there are a few things you must bear in mind. 1. You'll find it hard to get a 100% mortgage. 2. If you have any savings for a deposit, then you must first declare this to your Trustee. 3. Equity acquired during the rest of your Trust Deed may be recovered by the Trustee. You certainly can borrow money from a relative or friend to get the deposit but any lender will see you as a high risk and this will be reflected in any mortgage deal you get. It may be better and cheaper to rent while your are still in a trust deed and build up some savings for a deposit after it. Paladin |
