Can I get a new Mortgage with DMP?

tranceaddict

Hi

Have just started my DMP (3rd payment due on 1st Dec) and everthring is going OK, creditors have started to calm down and accept payments etc.

My current mortgage deal ends in Janaury and reverts back to the standard intrest rate (at present I have a 2% discount, though with the recent cut even if I keep this mortgage it shouldn't be too much of a diffrence to what I'm paying now), anyway can I still apply for new mortgage deals with my DMP, do I have to declare I'm on a DMP to them (they will probabaly look at my credit score anyway and see its a bit shcoking now everyone has deafulted me), are there any DMP fiendly mortgage companys, or is it just best to stick with what I've got until things calm down a but more.

As always and advice greatfuly received

R

pinksparkle_2

tranceaddict wrote: »

Hi

Have just started my DMP (3rd payment due on 1st Dec) and everthring is going OK, creditors have started to calm down and accept payments etc.

My current mortgage deal ends in Janaury and reverts back to the standard intrest rate (at present I have a 2% discount, though with the recent cut even if I keep this mortgage it shouldn't be too much of a diffrence to what I'm paying now), anyway can I still apply for new mortgage deals with my DMP, do I have to declare I'm on a DMP to them (they will probabaly look at my credit score anyway and see its a bit shcoking now everyone has deafulted me), are there any DMP fiendly mortgage companys, or is it just best to stick with what I've got until things calm down a but more.

As always and advice greatfuly received

R

Hi Tranceaddict

I am in the same position although my fixed rate doesnt end for another 2 years, im still worrying myself sick...I can only think that alot more people will be on DMP's by then so the mortgage industry will have to accomodate people like ourselves...!!!...Ive heard that if you stay with the same company they wont credt check you, But what if you want to remortgage for a larger house, is that a no no as you are on a DMP or will some lenders offer you but at a high rate???

Any one???

Pinksparkle
xxx

Pinksparkle

tranceaddict

I gurantee that if I applied for a new mortgage I will be credit checked and they will run away, or offer such a high rate it won't be worth it, the only saving grace at the moment is that my DMP was set up with my current mortgage payment, which is discounted at 2% below their normal rate, they have just written to advise me that they are passing on the bank of englands 1.5% reduction, so I get a month or 2 at a lower payment then it revert back up 2%, so if the bank of england take another 0.5% off I'll be back exactly where I started, which at the moment I can afford, so it's not too bad and I get a couple of months over christmas paying a lowere rate, which always helps.

R

piptom&AndyPandy

Hi
I know a mortgage broker advisor who deals with sub prime mortgages, says it would be possible with DMP and it's a lot better than an IVA but of course it would be sub prime. I'm already off my fixed period but it's tracking the base and making it easier.

Pip
x

c7sdus

Hi,

I am on a DMPand in Dec last year when my last tracker ended with Lloyds TSB (C&G) they did not do a credit check so I got a new tracker at 0.49% above BOE base rate for the term of the mortgage with no charges whatsoever. was all I could get at the time but I am very happy at the moment as mortgage has dropped by about £200 in last year :j

pinksparkle_2

Hi,

Im on a dmp and im concerned that when my fixed rate finishes with NR i wont get another Deal...I have heard that NR are not taking on any new business, is this correct???.....If i have to go elsewhere i will be credit checked and wont get anothere deal????...HELP...???