DMP and Remortgaging

bintie22

Hi - think i've been a bit stoopid!

I'm in a DMP with Payplan and have been since Sept 2006. My partner and I bought our house in June 2006, I was pregnant when we bought the house, but soon realised that i couldn't juggle all the debts i had, so a DMP (for myself only) seemed the best route to get us some breathing space.

Anyway, 2 years down the line, our fixed rate has come to an end (in June of this year), and our monthly payment has gone from £620 per month to £900 per month. Our lender hasn't offered any help or alternatives, and we are already on interest only.

We've been managing all the payments, but it's getting harder and harder. I'm assuming remortgaging in the current climate is a no-no! Partners credit history is fine, it's just mine that's shot to pieces with the DMP. Our LTV is about 85%.

Current credit crisis aside, has anyone ever managed to remortgage whilst on a DMP and who was it wish?

Oh how i wish we hadn't bought, and thrown my deposit money at the debts. But i guess we live and learn. Sorry to have whittled on!

Thanks

Bismarck

bintie22 wrote: »

Hi - think i've been a bit stoopid!

even if you think you have been, you're in a very big boat! there are folks from all walks of life who've done daft things. especially over the last few years.

don't know if you've tried on the mortgages board yet or done an SOA yet but, if you haven't those would be the first steps....

take care and look after yourselves - esp the little one

bintie22

Thank you! Hindsight's a wonderful thing eh!

10past6

Have you spoken with Payplan, they have a department dedicated to clients who need to remortgage / renew insurance etc., etc.,

itsnowtime

Hi there..

You mention that your lender hasn't offered any alternatives etc... Not sure if you've asked however lenders tend not to 'offer' better rates etc.. without you asking.

If you give them a call and ask what they have available they may be able to move you to a better rate. I was in the same position my mortgage went up by £250 - but I chose to stick with it for now as I think I'd struggle to remortgage anywhere else.

having said that today's rate cut 'might' be handy if they pass it on...

Apologies in advance if you've done this already.