DRO and mortgage

Orville

Hi,

I am currently around 4 years into my DRO.

I am a single parent with an total income (including benefits and job earnings) of around £18900

My son and I are at the parents place until August next year. We plan to move out then as space is getting tight.

I would rather if possible get a mortgage then rent as it's dead money.

What are the chances of getting a mortgage, given I am in a DRO.

Also where do i start looking for the best deals?. Do i go to my bank or a broker or..?

Also can anyone give me an idea on a figure i would be able to get with my current income.

Many Thanks...

kingstreet

Like any other adverse credit, it will take time from "discharge" and deposit size to enable you to qualify for another mortgage.

The more you have of one, the less you'll need of the other.

Have an independent broker go over your situation and help to timescale your future options.

kingstreet

Response to PM posted here as nothing confidential.

You need to appoint a broker who knows your circumstances after doing a thorough factfind and seeing all three versions of your credit file.

It isn't possible for someone to speculate on what will be possible, or when, based on the scant information which can be provided here.

Ask friends and relatives for a broker recommendation. Failing that, try https://www.unbiased.co.uk, switching off the 'sponsored ads only' option, so you get a full list for your area. Have a chat to a few, see what you think.

Orville

kingstreet wrote: »

Response to PM posted here as nothing confidential.

You need to appoint a broker who knows your circumstances after doing a thorough factfind and seeing all three versions of your credit file.

It isn't possible for someone to speculate on what will be possible, or when, based on the scant information which can be provided here.

Ask friends and relatives for a broker recommendation. Failing that, try https://www.unbiased.co.uk, switching off the 'sponsored ads only' option, so you get a full list for your area. Have a chat to a few, see what you think.

Thank you..

glentoran99

Orville wrote: »

Hi,

I am currently around 4 years into my DRO.

I am a single parent with an total income (including benefits and job earnings) of around £18900

My son and I are at the parents place until August next year. We plan to move out then as space is getting tight.

I would rather if possible get a mortgage then rent as it's dead money.

What are the chances of getting a mortgage, given I am in a DRO.

Also where do i start looking for the best deals?. Do i go to my bank or a broker or..?

Also can anyone give me an idea on a figure i would be able to get with my current income.

Many Thanks...

No necessarily, given i am currently in negative equity I would have been better off renting for the last 7 years, as I wouldnt be 30k in negative equity and would be starting from 0

Orville

glentoran99 wrote: »

No necessarily, given i am currently in negative equity I would have been better off renting for the last 7 years, as I wouldnt be 30k in negative equity and would be starting from 0

Yes I understand what you say, but as a single parent with a child I think my best option long term would be to have my own house.

There are probably many more like yourself given what has happened recently. You can't however always foresee things like that. It's a risk you take.