We paid off our DAS DPP in January this year and are getting our credit files and making sure everything is showing settled.
We are hoping to apply for a mortgage around July time (I’m aware we may struggle) but in the mean time do we get a credit builder card to help with increasing our credit rating or will this work against us when trying to get a mortgage.
If it helps any we do have a mortgage at the moment, it would be moving to a bigger house due to us having another baby.
Morning,
Your deposit will be critical to your chances of success here, specifically as a % of the proposed purchase price?
Typically most lenders will treat the DAS as equivalent to an English version of insolvency/IVA and therefore it is likely to require a 25%/30% deposit, depending upon the finer detail. In addition the date the DAS was registered and the conduct of repayment history will also play a part.
You are right to obtain information in advance of considering a move, a credit builder card will not help but managing your core bank accounts well and not running up debt/overdraft or returning direct debits will be critical from here.
All the best
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Paul Carmen
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