Mortgage advice following DMP

Dseed100

Hi just after abit of advice on a few things.
I have recently finished paying off my DMP in full. Now have a credit card to start to rebuild my credit score. Spending 25% of limit per month and always paying in full. Im in a fairly good position now financially.

What will my chances of getting a mortgage be in 2 years time. Myself and partner will be looking to borrow £450,000 and will have a 15% deposit. She has a perfect credit file and we have worked out on or combined salaries and affordability this is what we can borrow.

I also have another question. My parents own their own home outright (worth around £250,000). They are prepared to sign the house over to myself so I own it. Would this help me to get accepted for a mortgage better? Are there any rules around this?

Many Thanks in advance

ACG

It will all depend on how your credit report appears, if you have been in the DMP for a while, you may find there is nothing or very little to prevent you getting a mortgage now (subject to getting a deposit in place).

I am not sure how you owning your parents home would help. If anything it will probably cause more problems with stamp duty when you do come to buy.

Dseed100

Thank you for the advice. I was in the DMP for 3 years and paid off £22,000 in full
My concerns are my current credit score is rated as poor.
All of the debts which were on the DMP state on Experian 'Default / Ended'. They also have the default icon next to the monthly payments up until they were fully paid off.
Is this normal?
Thanks

ACG

Sounds about right.
Assuming no new adverse since the DMP started, there will be options and at ok rates (maybe around the 3-4% mark) once you have your deposit in place. In 2 years time you may even be looking at normal rates which with brexit might even be 3-4%!

Dseed100

Many thanks for your advice