Mortgage after a DRO?

Moobag

Hiya

Just considering all options here. My DRO comes off my credit file next April. Do I need to wait until then to get a mortgage and what kind of deposit would I need? Is it less once it's off the report? Not sure 10% is within my reach

Thanks x

longtermplanner

Under 10% and you have no chance without a squeaky clean credit file.

Moobag

But once it's off next year, can I get one then? Everything will be off by then and I'm getting a credit builder card to help my rating and my BT and mobile also show as on time every month.

National_Debtline

Hi Moobag

Bear in mind the other factors that are likely to influence a lender's decision as well, such as affordability of repayments, age, nature of your work, whether the application is sole/joint etc. This is not an exhaustive list but there are separate sections and threads more specifically focused on mortgages as opposed to DROs, where you are likely to get a lot more feedback.

Speaking strictly personally, I would want my repayments to be no more than 30-40% of my net household income. Also, as interest rates can only really head upwards from their current historically low position, I would want to factor in a "buffer" of sorts for that eventuality.

Good luck

Dennis @NDL