getting a mortgage 6 years after dro

jadeemma_2

Hi, I'm just coming up to the 6 years after my dro and I want to look in to getting a mortgage. I understand that my credit file will be cleared and i know that if a lender asks me if I've ever had a dro, I have to declare it what id like to know is does every provider ask this,
And secondly if they do know will that be an automatic refusal for a mortgage or is there some way I can stop it affecting me?

[Deleted User]

Less of an issue if you can pass affordability?

Being serious I am kinda quite interested in this as well as I assumed on the day after the 6th year anniversary has passed I could expect the DRO not to show any longer and therefore do you need to mention something which may/may not be on the credit reports to correlate, otherwise if penalised forever, well it is not an incentive to ever behave? I've grown to hope I'm really not still having to tell 10 years down the line, oh don't like to say it perhaps this is where the next miss-sells should come from! :cool: more of a credit limit on a credit card now (even if bad !!!) then ever went into a DRO keeps me in some hope


Anyway here is a bump!

YorkshireT

I don't think it's a case of having to walk into the lender's office and lay the cards on the table, but obviously if they have a question attached to their lending criteria then you'd have an obligation to be honest. The last thing you'd want to do is lie and hope it just goes away - that's tantamount to fraud and also a life of running away.

I'm no expert, but to me it sounds like you should be okay. I'd be shocked if there wasn't a lender out there that'd be willing to take you on. Good luck.

cjintensde82

Hi just wondered if you had any luck with the mortgage? My husband and I are in the exact same boat. He has great credit but I have unfortunately had a DRO from debt when I was 18 yrs old. (I'm now 34) My DRO 6 years is up this month. We want to get out of rented desperately and thankfully now have the money to do it. We have an annual combined income of about 47k and we have a massive 80k deposit. I have worked so hard over the last 16 years to stay as far out of debt as possible just to find out from a mortgage advisor today that apparently all lenders will be extremely reluctant to ever lend me money and only 4 came up as possibilities, even after the 6 year period. Apparently if I had gone bankrupt with a debt of 100k instead, more lenders would be willing to help me out, even though at the time of taking the order out I was told it was no where near as bad as bankruptcy and was only for 10k!!! Go work that one out. Frustrating thing is in branch I have one of the best credit scores you can get within a bank but it means nothing. I am so gutted you can't believe. If anyone has any help or knowledge on this and whether the advisor was correct it would be so appreciated. Who would have thought something from when you were 18 would affect the rest of your life so much