Secure Trust bank were not in the residential mortgage market for long, maybe around 2 years but nevertheless there are Secure Trust Bank Mortgage Prisoners as the bank pulled the plug on new lending in February of this year.
Secure Trust Bank were quite a specialist lender, particularly good for self employed applicants with complex incomes. Their underwriters were particularly well trained when it came to looking at accounts, which meant they were able to usually apply a manual approach when using income that other lenders may not necessarily have accepted.
We are not sure how many customers they had, but I would guess maybe in and around 5,000 customers. If you are a Secure Trust Bank Mortgage customer, chances are your income was quite complex and needed an underwriter who was highly experienced in reading and understanding accounts.
This could mean that when your deal comes to an end, you are stuck on their standard variable rate which is unlikely to be competitive.
This is also the point at which you may become a Secure Trust Bank Mortgage Prisoner because you are now stuck on the standard variable rate with no access to other lending options from the same lender, as they are no longer operating.
The positive here compared to some of the other lenders who have closed their doors to new (mortgage prisoner) customers is that it is unlikely you will have any significant bad credit as they were generally a clean lender – although they would accept the odd small default/CCJ.
If your circumstances have changed for the worse, it is crucial that you seek advice at the earliest opportunity, to review your current circumstances so that we can advise you about your current prospects or set you on the right path to be able to help you in the near future.
How can Mortgage Success Help?
With Secure Trust Bank being quite a specialist lender for self employed applicants, it is likely to mean your income is fairly complicated or you have a quirky set of accounts that needed the human touch to understand.
While Secure Trust Bank did have some of the most experienced underwriters for self employed applicants, they were not the only lender who could take a manual approach to underwriting accounts.
We have a number of lenders we work with who can accept 1, 2 or 3 years accounts, accounts with a dip in the middle or a drop in income, latest years figures, an average and so on. We can discuss your circumstances with them upfront and hopefully try to arrange a Mortgage for you on better rates than Secure Trusts standard variable rate.
Secure Trust Bank Mortgage Prisoners can also read our Can We Help Mortgage Prisoners if you want some further info.
And If you would like to discuss your circumstances in more detail, please do get in touch where we will be happy to discuss your situation and see if we can help.