Hi there
I have been in a dmp for 2 year with cccs. In April I was finally in a position to clear all my remaining debt (about 5k). During this time My credit rating took a battering and I gained 2 defaults on my credit file. These occurred within the first few months the plan was set up due to late payments.
My credit score is very poor at present(368). Although I am hoping that now I have paid all debt off and enrolled on electoral role- my credit score should slowly start to rebuild itself.
My question is----
How many years do I need to wait for my credit rating to be repaired enough to be accepted for a mortgage?
I am in a position to save £1000 a month towards a deposit-with a gift from parents of £5000 towards it.
My rent is up for renewal in January (hopefully will have 15k deposit)and I am planning on buying the house I am living in(approx £120-000). My landlord is very flexible and will extend tenancy for a further 12 month if I am unable to obtain a mortgage next January.
Am I being realistic in thinking I could be accepted for a mortgage in 1-2 years?
I earn £25.528 basic with £6k overtime
Any advice would be great
Thanks
I have been in a dmp for 2 year with cccs. In April I was finally in a position to clear all my remaining debt (about 5k). During this time My credit rating took a battering and I gained 2 defaults on my credit file. These occurred within the first few months the plan was set up due to late payments.
My credit score is very poor at present(368). Although I am hoping that now I have paid all debt off and enrolled on electoral role- my credit score should slowly start to rebuild itself.
My question is----
How many years do I need to wait for my credit rating to be repaired enough to be accepted for a mortgage?
I am in a position to save £1000 a month towards a deposit-with a gift from parents of £5000 towards it.
My rent is up for renewal in January (hopefully will have 15k deposit)and I am planning on buying the house I am living in(approx £120-000). My landlord is very flexible and will extend tenancy for a further 12 month if I am unable to obtain a mortgage next January.
Am I being realistic in thinking I could be accepted for a mortgage in 1-2 years?
I earn £25.528 basic with £6k overtime
Any advice would be great
Thanks