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Mortgage after a DRO
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Hi, how likely is it you can get a mortgage after a DRO? I am hoping to get a mortgage for shared ownership after my DRO finishes in August, what are the chances? Any deposit would be low but I have a clear record of rent payments in time.
Any advice appreciated
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Comments
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If you mean your DRO year finishes in August, then sorry it's about zero.
If you mean the DRO and all the debts in it will drop off your credit record in August, then how low a deposit are you talking about?0 -
DROs are sometimes suggested as a debt solution so that people can, in time, eventually get a mortgage. But I would suggest a bank will want to see of good money management for a couple of years after the DRO completes. During that time you should make sure that everything on your credit history is nice and sparkly clean - no excessive credit searches, few ongoing uses of credit (phone contracts, car/home insurance, etc), that you're registered to vote, not constantly in your overdraft. Maybe one credit card being cleared in full each month.
Good luck with it - it may take time but you'll get there!!I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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