Debt relief order

[m0m89]

I am currently in the moratorium period of a debt relief order, it should all go through in a couple months. I am hoping to get a mortgage with my partner in the next couple years. I have already started to improve my credit although the score is still very low.

We will have a deposit and hopefully credit scores will be somewhat improved by then.

Does anyone have experience of debt relief orders? And trying to getting a mortgage after one?

Your credit file will be updated with your DRO for the next six years as a minimum- most of not all of your creditors will have registered a default on your file.

In addition, if if you have enough disposable income to save for a mortgage you need to telll the courts - you can and should only get a DRO if you have less than £55 a month and have debts less than £20k.

You need to contact step change or CAB for advice - DROs are not a get out of jail free card and it’s a serious commitment - you have zero chance of getting a mortgage until your defaults have cleared.

It's not a get out of a jail card. I don't have any spare money at the moment, it all goes on bills. Someone is gifting me money from their inheritance for a deposit when they receive it but it will take a while. I never thought I would be able to have a deposit so I just wanted to know if it was possible. No need to be rude

You might be able to get a mortgage from a specialist lender, but the interest is really really high. You probably won't get a high street mortgage for 6 years (when your credit file is clear) & you might have to always declare that you have had this arrangement. Best thing to do would be to chat to a mortgage advisor

It’s not being rude it’s being realistic - if you have the funds for a deposit you really need to use that to pay down your debt and have your order revoked.

You could get into

A lot of trouble if the first thing you do after your debt relief order is up is apply for a mortgage

Agree with stumped.

You cant apply for a mortgage until at least 6 yrs after your DRO.

If you have money coming up for a deposit that should go towards getting your DRO revoked and paying off the debts.

Cant imagine any mortgage lender would touch you with a barge pole, sadly.