How long to wait before applying after settling debt (FTB)

cheeseball73

Hello! I recently completed a DMP, and the final default will fall off my record next month, meaning that my credit score (I know this isn't that relevant for mortgages, but it gives an indication of where things are going) should improve considerably. My last DMP payment was in October - would lenders expect to see three months' worth of bank statements without any debt repayments to assess affordability, or should we plan for six months before starting the process? I don't want to start speaking to a broker if there is a likelihood we might be rejected so was wondering about how to minimise the risk here! 

We are looking to put down a deposit between 10-20%, depending on the value of the place we buy, and not looking to borrow the absolute max banks would (theoretically) lend us - ideally our monthly payment would be what we currently pay in rent or less, which would be possible in the area where we would want to buy. If it's relevant, I also applied and got a credit card last month which I am using to build my credit profile - one small monthly expense on it every month paid in full by direct debit. 

cheeseball73

(I've also got a trip away booked in February so also thinking a bit about whether this will make us look like total spendthrifts with the extra spending we'll be doing, even if we're not using cards or shopping 'til we drop....but I assume lenders do expect people to have fiscally sensible fun now and again?)

ACG

Usually lenders dont ask for more than 3 months statements, some ask for less. I would wait until everything drops off personally. 

Upcycling_Queen

Absolutely wait for 16 weeks, not 12. You are then giving yourself a chance of better rates. Good luck