mortgage acceptance ??

mickster1978

Hi all

i was looking for some advice regarding a mortgage application; myself and my partner both work in the nhs and have a combined basic income of £56000; we have a deposit of around 8k and are looking at around 95% LTV; my partner has had no issues with credit however i have been i subject to a debt relief order satisfied 29/9/2012 and is due to come off my credit report on 29/9/17; i also have a default due to come off credit report on 22/1/18.

question: Would a mainstream bank accept an application prior to the DRO and default being removed


thanks in advance for any help/advice

Penguin666

Hi there, the problem you may find with a mainstream lender, is some of them ask if you've ever been made insolvent. you would obviously need to be honest here for obvious reasons but YES can lead to a straight NO I'm afraid. That said, Not all of these ask this question so need to confess unless asked.

Can I just ask, I work in NHS and was looking at a DRO but worried this will affect promotion in the future. Do you know if this is the case or will it affect my job? I work in project management so maybe more at risk rather than if I worked as a nurse for example?
Thanks

ACG

I think you would have options, but not at 95% LTV.
I would imagine you would need closer to a 25% deposit.

As has been stated a DRO is a form of insolvancy and is treated the same as bankruptcy/IVAs by most lenders.

Beloy

Hi, I do have the same experience with you. 2 yrs ago we applied for mortgage knowing I got default on my file for 185 pounds from 3 network. We applied for mortgage and has been declined straight away by banks. So we asked advise from the mortgage broker and same they won't give us mortgage. We also both work for NHS for years and have 10 percent deposit at that time. The broker advised us to contact the 3 network to remove the default as it is not my fault and the initial default is only 30 pounds. They take me to court but after I provided all the evidence that I'm not at fault they withdrawn the ccj case. And I have tried to apply for a mortgage again this year and we are on mortgage valuation process already.
Hope this help. X