DRO and getting a mortgage
3 years ago I had a debt relief order go through. I'm now in a much better place financially, I have savings and regular income. My partner and I want to buy a house together in around a years time. He has good credit and we both have around £5000 each at the moment to put into a new buyer ISA.
I posted this in the wrong place yesterday and got some advice saying that I probably would be able to get a mortgage but the rates would higher and we'd need a higher deposit. I'm wondering if it would make more sense to keep renting for the next 3 years, or to pay higher mortgage rates?
Has anyone been in the same position?
I posted this in the wrong place yesterday and got some advice saying that I probably would be able to get a mortgage but the rates would higher and we'd need a higher deposit. I'm wondering if it would make more sense to keep renting for the next 3 years, or to pay higher mortgage rates?
Has anyone been in the same position?
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Comments
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You would be better waiting until the DRO falls off your credit file.
You would then be a much better prospect to lenders.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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