What mortgages are available whilst on a DMP?

Jvic28

I've been on a DMP for a few months now and since starting my mortgage in 2007, I haven't always paid exactly on time. Obviously, given that I'm on a DM, my credit score will be bad.

My current mortgage deal is killing me. It's with Leeds Building Society. I pay £497.78 a month interest only :eek: . To redeem the mortgage I would require at the most £81,779 (includes early repayment charge) The interest rate is 7.45%.

I was just wondering if anyone out there, also with bad credit, has been able to secure better deals.

I understand that in todays market it's going to be near possible but I thought it may be worth at least looking into it. If I could reduce the mortgage payments even slightly, it would allow me to pay my debt off quicker and repair my credit score allowinf me to get a much better deal in the future.

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Jvic28

Does anyone have any experience of obtaining remortgages whilst on a DMP?

Thanks

arkie

The rates out there at the moment are very high for people with DMP. Keep the deal you have got until your ERC's expire,

Jvic28

Thanks. Was really hoping I wouldn't have to. That means I have to wait until February 2010 paying nearly £500 a month and not getting anywhere. No worries, my fault I suppose for agreeing to the silly deal in the fist place.

arkie

a rough idea ofrates now are approx 8.5%. Make sure you pay your mortgage payments in full and on-time. Remember to pay secured debts before unsecured debts

Jvic28

If 8.5% is all thats offer, I'm better off sticking where I am at 7.45%.