Remortgaging whilst in a DMP

themink

Hi,

I'm looking for advice on whether or not i can remortgage whilst in a DMP. My current mortgage lender have refused outright, and i'm rather worried as I'm facing the prospect of having to sell my house, (really don't want to) if i can't remortgage.

The situation is that my mother helped me buy a house, and it was a 5 year deal, (ends in May) I can't expect her to keep bailing me out so my partner and i would like to keep the house but would have to remortgage in order to take her name off and put his name on.

He is financially secure and has no adverse credit, earns a good salary and we would easily be able to afford the mortage payments, and all other commitments together.

The only thing that stands in our way is that I'm in a Dmp and have been for about 14 months. I still have several years to go, but have no CCJ's. Am I trying to flog a dead horse, or is there light at the end of the tunnel?

Any comments/advice would be greatly appreciated. Thanks.

Deep_In_Debt

Hi
If you are on a dmp then the chances of getting one may be slim as your credit file will be trashed. Also, not sure you are allowed to take further credit whilst on a dmp?

Also by getting the money to pay off your mum (which is what I am assuming you want to do) that could be seen as favouring a creditor and creditors may wonder why you've paid your mum and not them first. Just think it could open a can of worms with your dmp.

Who is your dmp with?

beanielou

I think you will really struggle in the current financial climate TBH.
Sorry.

Jolly2009

Hi,

I have read posts whereby people on DMP have managed to remortgate and also get a new mortgage. You have to have a roof over your head.

I know Payplan have a sister company (look on their website) that specialise in such circumstances and would probably be worth a try. I am in the same situation as you, OH great with money no debts etc - me on the OH have debts and DMP.

Good luck, xx

themink

Hi,

thanks for your replies. My Dmp is with payplan, (thank god i chose a decent co.) so thanks i'll definately have a look at their site. I've never missed payments, so have no ccj's. I was really struggling to make ends meet as my circumstances changed and when my creditors realised i was only making the minimum repayments they all whacked the interest rates up. Thats why i entered the dmp, so i could freeze the interest. I have also just upped my payment to payplan even thouh i've taken a substantial pay cut. I am trying!

There must be an awful lot of people in the same position whose current mortgage deals are about to run out. What on earth are we meant to do?

It's an absolute minefield and due to the current climate It seems to be looking bleak. My mortgage co. even had the nerve to rub salt in the wounds and tell me that they would have been able to help me two years ago, but not now. Geeee thanks guys, you really know how to kick someone when they're down!!!

Ah well i shall persevere. Thanks again for your comments and advice.

MrsTinks

Ultimately a lot of people will be ok because the standard variable rate is lower than the rates they fixed on 2-3 years ago - this is the case with us at least. Our mortgage will drop by several hundreds a month when our fixed rate ends which will be great timing as baby is due about a month after lol
The problem I think really is that you want to change your mortgage and take your mum off it and put your partner on it.
Also try going through a good mortgage advisor - they will tell you honestly what your chances are of getting a mortgage etc and if it's even worth applying to some