Can you get a mortgage while on a dmp?

xgingerx

Hi, has anyone got a mortgage while on a dmp? the reason i ask is im paying 600 rent a month which is accounted for in my dmp, just wondered as this could cover a mortgage payment?

Thks

LilacPixie

As far as I know you canot obtain any further credit while on a DMP. I think this is just a rule from cccs etc rather than 'law'.

One thing to remember is DMP means your credit history will be a bit scarred and even those with perfect credit history need a minimum 10% deposit to buy another home at the moment. Poor credit and it is touching 25% to get a decent rate.

xgingerx

Thanks, any other views ???

rayday2

I have remortgaged while on a DMP a couple of months ago, I got a rate of 6.34% fixed for two years.

There will be people offering lending its just a matter of how much you are willing to pay, could be a good time to get a house with falling prices. You could always do a DIY DMP if the benefits are good but you are going aginst payplan etc, but if you lower your outgoings then they shouldn't complain.

immoral_angeluk

I'm with lilac on this one. Remortgaging is different to taking out a brand new mortgage and I would seriously have a chat with the CCCS and see if getting a mortgage will have implications for your DMP.

~Beanie~

To get a mortgage anyway, you need a sizeable amount as a deposit. If you do have that sort of money then surely you should be paying it towards your debts and not using it as a deposit to borrow more?

xgingerx

hi Im sticking with renting, thks all