mortgage 2 years after Debt relief order discharge

bexie124

Hi - This is my first post so looking for helpful advice. I have spoken to my bank and they cannot help.
I had to take out a debt relief order in 2015 ( due to redundancy and a period of unemployment, relationship breakdown).
I have had the same job 3yrs+ and earn £25k per year. Paid all my bills on time etc.
I have inherited a sum of money for a house deposit. My credit file is messy due to CCJ and Defaults still registered but included in the DRO.
What are the chances of getting a mortgage? I know its best to wait but i have been served notice on my current rented home and would prefer to buy than rent again.

Any help or advice would be helpful.

csgohan4

how much debt, how much for a deposit, what price range are you looking at? for the property


The DRO paid off or written off now?


Buying a property comes with other financial drains, maintenance. A new boiler, new roof are not cheap for example. Got enough money for a pipe leak fix? for example


Were you served notice for a reason? or does the LL simply want their property back?

juniordoc

I've you've been served notice it's very unlikely you will be able to find a property and complete a purchase in time regardless.
Maybe look for a shorter term let, or a rental contract with a break clause to give you the flexibility to buy if you find you are able to.

blatchp

Adverse credit will stay on your credit file for six years, even if now effectively paid off. You may have to talk to a broker about a lender that will take on customers with a poor history - but you will pay more most likely.