Advice on Shared Ownership and DRO

HomeHelpPlease101

Hello everyone, 

My partner and I are ready to buy a property via the shared ownership scheme. We have a deposit of £20k together. My partner, however, has been discharged from a DRO in June this year, and we are struggling to find any brokers who are willing to help us. 

Can anyone offer advice, experience, etc, to help?

kingstreet

HAs/RSLs usually have a tame broker for their purchasers. None of them able to assist?

HomeHelpPlease101

kingstreet said:

HAs/RSLs usually have a tame broker for their purchasers. None of them able to assist?

Thanks for your response. I'm sorry, do you mean house association and retail street lenders?

kingstreet

Housing Association or Registered Social Landlord the operators of Government funded shared ownership schemes.

HomeHelpPlease101

kingstreet said:

Housing Association or Registered Social Landlord the operators of Government funded shared ownership schemes.

So we have spoken to a couple of HA lenders, and they have been funny about the DRO. I spoke to another broker today who is a 'specialist' in bad credit, etc, and they said we need to wait 3 years to find a lender. 

I have also tried to do the mortgage in my name but my income is too low.

housebuyer143

HomeHelpPlease101 said:

kingstreet said:

Housing Association or Registered Social Landlord the operators of Government funded shared ownership schemes.

So we have spoken to a couple of HA lenders, and they have been funny about the DRO. I spoke to another broker today who is a 'specialist' in bad credit, etc, and they said we need to wait 3 years to find a lender. 

I have also tried to do the mortgage in my name but my income is too low.

Not much you can do then but wait. You are not going to find a lender who takes you on right after a debt relief order unfortunately.

HomeHelpPlease101

housebuyer143 said:

HomeHelpPlease101 said:

kingstreet said:

Housing Association or Registered Social Landlord the operators of Government funded shared ownership schemes.

So we have spoken to a couple of HA lenders, and they have been funny about the DRO. I spoke to another broker today who is a 'specialist' in bad credit, etc, and they said we need to wait 3 years to find a lender. 

I have also tried to do the mortgage in my name but my income is too low.

Not much you can do then but wait. You are not going to find a lender who takes you on right after a debt relief order unfortunately.

That's absolutely fine; thank you for the advice. We have found one broker who might be able to help, but we are not sure if they are trying to take us for a ride and take some money from us.

HomeHelpPlease101

Okay, so an update.
I've spoken to a good chap at AALTO Mortgages (I would highly recommend). DRO is the biggest issue, of course. The guy has said that there are lenders he has who could help within the first 12 months of DRO being satisfied (we are halfway through this period), but they aren't willing to do shared ownership mortgages. So our options have come down to waiting 12 months to do S/O or waiting three years (we are about one year 1/2 since the DRO) to have better lenders at a better rate. 

Thanks @housebuyer143 and @kingstreet for your advice