DRO - Bad credit mortgage advice

JDClark16

I have completed my year on my DRO (which seemed like an eternity!)

My circumstances have massively changed to what they were a few months ago. I am 10k a year better off than what I was.

I am currently renting, but I want my own place. I could afford mortgage payments and could get my hands on a 10-20k deposit but I can't imagine anyone would offer me a mortgage due to my previous history, my credit will be in tatters.

I know I am being ambitious, just fed up of lining someone else's pocket with rent when I could be paying into my own place. The way I understand it is that the DRO will be removed from my credit file after 6 years, ideally I don't want to wait that long so if anyone has any advice for me it would be gratefully received!

Thanks
[personal details removed by MSE Forum Team]

fatbelly

Congratulations on finishing your DRO. I'm sure you didn't exceed the £50 per month surplus income during the moratorium period, if anyone's thinking that.

There's no way of removing the DRO from your record, as that's a matter of fact. But you should check your credit file to make sure that all your debts are now marked settled, so that everything clears after six years.

Lenders make their own decisions based on a number of factors so it's not possible to predict when you might be offered a mortgage but I would guess that you wouldn't be seen as an attractive prospect at the moment.

There are a number of things that you can start to do to build your credit file again.

Credit Rating How it works and how to improve it