Mortgage after a DMP

carolynw · 22 February 2018 at 12:00AM

Has anyone had any experience with getting a new mortgage post DMP? We want to downsize and our current provider won't let us move any mortgage so we are currently stuck in a 5 bedroom house with only one child left at home. Teacher's BS has said they will consider us 3 years post DMP (we are currently 2 years). Seems daft not being able to get a smaller mortgage despite never defaulting on our large one.

Any thoughts please?

Thrugelmir · 22 February 2018 at 12:07AM

Are you looking to reduce the size of your mortgage in downsizing?

carolynw · 22 February 2018 at 7:55AM

yes, our current outstanding mortgage is 165K and we would like to borrow a max of 100k but would settle on 75k. we have roughly 325k equity

ACG · 22 February 2018 at 8:57AM

Have you asked your current lender if they will allow you to port and reduce the mortgage? If you keep it at the same or a lower LTV I can not see any risk to the lender.

Failing that, there are lenders but it could be normal rates or relatively high rates depending on how everything appears on your credit rpeort. It could be worth a chat with a broker.

Mortgage after a DMP

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