Is it possible to get a mortgage with a DRO

Moneyteam82

Hello I'm looking for some advice...

I was discharged from a DRO in 2015 and I want to get a mortgage will this be possible??

It will be a joint application with my partner who has an excellent credit rating but unfortunately does not earn enough to get one on her own.

I earn £30000 a year and she earns £8550. we are looking to borrow £100,000 and we have a 5% deposit.

Obviously it would be better to wait until the 6 years has passed and is off my file completely but I'm 35 so time is ticking for me.
I have started taking steps to improve my credit score. I'm on the electoral register, pay all my bills on time, and have a credit card with a limit that has just been increased from £500 to £1,500 which I spend on and pay off every month, and apart from my DRO I have not missed a single payment in 6 years and have no ccjs or defaults.

sourcrates

All you can do is apply and see what happens.

The further back in time negative info is, the less impact it will have on you.

National_Debtline

Hi Moneyteam82

Welcome to MSE. Obviously a DRO on your credit file is going to be damaging when applying for credit. If the DRO was made in 2014 (12 months before discharge) it is going to be removed in 2020. I would suggest speaking to a mortgage broker who is going to have specialist knowledge on the best lenders to apply to and your chances of success.

Remember a credit check leaves a footprint on your credit file for either 12 or 24 months, and a lot of these in a short space of time can go against you when applying for credit. Rather than applying for a mortgage and being turned down get the advice from a broker first so you’re not making applications which are very likely to be unsuccessful.

If you do have to wait a little longer you can at least use the time to save a big deposit, which in turn may mean you can get a mortgage with a shorter term. Good luck.

Susie
@natdebtline