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Debt Relief Order & Mortgage
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bradley86
Posts: 2 Newbie
Hi
I've recently come out of a Debt Relief Order (DRO). Just wanting to know how long would it take to be able to apply for a mortgage. I do have a 10% deposit already.
I'm a novice to all this so any help would be great.
Thankkksssssss
I've recently come out of a Debt Relief Order (DRO). Just wanting to know how long would it take to be able to apply for a mortgage. I do have a 10% deposit already.
I'm a novice to all this so any help would be great.
Thankkksssssss
0
Comments
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How on earth do you have £10k if you have gone for a DRO? Does the Insolvency Service know this?!0
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bradley - you're likely to find the underlying credit problems are the issue. If you have defaults registered they will show up for six years. Some lenders may accept you earlier than that. There may be missed and late payments too. It's a question of finding a lender who will accept these things and what its requirements might be.
My first port of call would be a whole market or independent broker. Take an up to date copy of your credit file with you.
I can't think of one lender who says you have to wait x after the end of a DRO before you qualify.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
You mean 10%?callmechar wrote: »How on earth do you have £10k if you have gone for a DRO? Does the Insolvency Service know this?!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
callmechar wrote: »How on earth do you have £10k if you have gone for a DRO? Does the Insolvency Service know this?!
Hi, The money isn't mine yet, its a gift from relatives to help me get set up etc.
Thanks for the advice though. I will find a independent advisor who can help me see what is available.
Thanks again!0 -
It will be on your credit file for 6 years, mortgages are hard to get. You will be very lucky to get one anytime soon - a DRO shows you have had credit problems in the past and any lender will prob run a mile0
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