Paid off DMP, how long will it affect mortgage applications?

sal22_2

I have finally paid off my DMP (£10K) and I am looking to buy a house with my husband (he has saved the 10% deposit).

I have a couple of defaults on my credit file from 2008.

I was wondering how long the DMP will affect my credit file and potential mortgage applications?

We have been advised that it will take 3 years after the DMP is completed before we can buy jointly?

We would like to start looking for a house now as we can easily afford to repayments I appreciate that the defaults will still be on there a while yet and so will make a difference.

I am in a different financial situation than previously (credit card debt from university and a low paid job) and we both have high earnings.

I would be very grateful for any advice.

Dave_Ham

Technically a default stays on your file for 6 years, although that does not preclude lending the right lender needs to be selected.

At 90% that will be hard work to be honest.

What income do you individually earn and what property price are you looking at?

What you do from now to start your credit lines will be important. Firstly check your Experian and Equifax and make sure there are no nasties still on there.

Assuming you have no available credit currently, you need to tred slowly slowly and although there are no hard and fast rule, a credit card like Capital One or Vanquis managed well will help improve your credit rating quite quickly...