Would i get a mortgage when I am discharged from my DRO

joseph9a

I was speaking with my nan as I'm currently in the process of doing a debt relief order. I want to buy my own home, the one im currently living in. I have a good relationship with my landlord who is a long time family friend. He purchased the property for a lot less than it is worth now, and I asked him would he sell it to me for £100,000 when I have a deposit which he said he would consider as he would be making a very handsome profit and I would be getting it a little cheaper than it is worth.

As I'm currently just about to start a debt relief order I was wondering when I was discharged from it would I be able to get a deposit with a guarantor?

I know the DRO would be on my credit file for 6 years but if you have a guarantor would this help you to get a mortgage.

It's my dream to have a fresh start and get onto the property ladder. It would be a shame to pay £500 a month for 6 years as this could be £500 going of your mortgage.

Any advice is appreciated.

Thanks

Joe

_Andy_

"but if you have a guarantor would this help you to get a mortgage."

This isn't the case when the issue is adverse credit I'm afraid. Guarantors are there when there are issues with low income.

Dave_Ham

The only way you are going to mitigate a DRO is with an chunky deposit.

15-20% of purchase price (not your valuation) may give you an opportunity 2 years + after discharge.

You have to appreciate the lender situation, whilst it is your dream you have just had a unsecured debt written off and therefore are not the best prospect to a lender.

Continue to use these forums, drive down your outgoings and save, save, save and this is the best route with no short cuts I am afraid.

All the best