Lender's who accept dro/bankruptcy after 3yr discharge

stevenbecca

Hi. dose anyone have a list or can name lender's that will accept someone that is discharged from a debt relief order (same category as bankruptcy usually) for 3yrs, i want to have a look through there criteria to see if any will lend against a certain house type.

K_S

@stevenbecca Too many to list unfortunately, there are at least 25+ lenders who may consider lending to applicants whose DRO was discharged 3+ years ago.

Each of these lenders will have their own LTV limits, published criteria and unpublished criteria with regard to how they will underwrite these cases.

stevenbecca

K_S said:

@stevenbecca Too many to list unfortunately, there are at least 25+ lenders who may consider lending to applicants whose DRO was discharged 3+ years ago.

Each of these lenders will have their own LTV limits, published criteria and unpublished criteria with regard to how they will underwrite these cases.

as many as that? i was expecting maybe 4 or 5 🤣. hopefully something out there for us then.

K_S

@stevenbecca The operative phrase is "may consider" and that covers a huge range of approaches. For some lenders all that might mean is they won't decline it outright but won't lend either unless the case is ultra strong. I hope that makes sense.

MalMonroe

Hi, there is some info here https://www.which.co.uk/money/mortgages-and-property/mortgages/getting-a-mortgage-with-poor-credit/bad-credit-mortgages-ay2m91n0u9mu

And it may be a good idea to go through a broker who deals with people with bad credit. 

Having been in a similar position myself in the past (DRO, now expired) I know how difficult it can be to get credit. Also, it will probably cost you more than if you waited for another three years. If possible. That'd also give you time to save more of a deposit and prove to lenders that you are now financially responsible.