DMP - 6 years after default help needed

adrianmole73

Hi,

I've done a lot of digging around and can't seem to find a definitive answer on this one so wondered if anyone can help.

I'm two years away from completing my DMP. It's been a long slog but there is light at the end of the tunnel and I'm starting to make plans.

By the time it's finished I will have had a DMP for 7 years. The defaults on my accounts were all at the start of it so next year I should start to see them fall off my credit report as 6 years will have passed. Then soon after I will have paid of all the debts.

I will be debt free and I'm looking at moving house. I have a mortgage already and will have around £70,000 deposit. My wife and I will have a good income, good deposit, no debts and a credit record that, in theory, will be clear of any problems. Is that the case?

Am I correct in assuming that this means I will have a clean credit record and a very good chance of getting a normal mortgage from a high street lender (assuming it's not one that I've had a DMP default with).

Thanks in advance for any advice on this.

[Deleted User]

You'll have a clean file, which will be the problem, if you have no current credit.

To access decent mainstream offers, you need a good credit history. Your mortgage will go someway to achieving that, but you could do with building further evidence of being able to handle credit (if you now can).

A large deposit will help, as would a trip to a decent broker.

adrianmole73

I've already got a credit builder credit card that I pay off in full every month. Had it for a couple of years.

[Deleted User]

That should put you in a better place, then.

cjmillsnun

Do you have a mobile phone contract? If not (and you can afford it), see if you can get a sim only deal. It's cheap (there are deals for less than £10 a month) and another credit account on your file.