DMP and Remortgaging

bintie22

Hi - We've been stupid!

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 with?

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

_Andy_

Hi bintie

Which lender are you with?

One issue you may now have is most lenders won't do interest only unless you have a repayment vehicle (ISA, pension, etc.) running along side.

I think your best bet would be to speak to a decent whole of market broker to get some advice.

koexelek

bintie22 wrote: »

. Our lender hasn't offered any help or alternatives,

Have you asked them ?
A lot of lenders won't offer you a new deal unless you ask.

Chances of getting a decent remortgage at 85% with a DMP are virtually nil though

simonjstone_2

hi i got a dip agreement while on a dmp with cccs how many abbriveations are there!

juliesg

simonjstone wrote: »

hi i got a dip agreement while on a dmp with cccs how many abbriveations are there!

so to be thick but what is a dip agreement

_Andy_

DIP = Decision In Principle.

koexelek

D.I.P. = decision in principle

juliesg

koexelek wrote: »

D.I.P. = decision in principle

which means

_Andy_

juliesg wrote: »

which means

Based on an initial credit search, the stated income / outgoings, the stated property type etc, that the lender is happy to lender X amount subject to proof of income, valuation and underwriting.