Applying for a mortgage whilst on a DMP

LHJD

Apologies if this has already been asked recently. My initial thoughts were that there is no way I can apply for a mortgage given the fact I am on a debt management plan. However, some of the threads I've read seem to state the contrary.

Just looking for some clarity with this?! Do some mortgage providers allow you to?! And does this include any of the high street banks/building societies?! (apart from the ones I'm paying through my DMP)

Extra Info - I would be applying jointly with my parter, who is debt-free and always has been :A.

Thanks

_Andy_

How much deposit do you have and what is the house value?

LHJD

It's more of a hypothetical question ATM Andy. I wouldn't apply till I can reduce my overall debt quite sustantially, not too far away I hope as I'm making large monhly pmts!! But the entire debt won't be repaid until end of 2013. And in an ideal world I don't want to have to wait until then before I get on the housing ladder. So tryig to establish whether a mortgage company would even consider me or whether I'm a write off solely because of being on a DMP?

maninthestreet

You can't get a mortgage without a deposit - where are you going to get a deposit form if you are on a DMP? - or, put it another way, if you have any spare cash, pay your debts off first.

uzubairu

maninthestreet wrote: »

You can't get a mortgage without a deposit - where are you going to get a deposit form if you are on a DMP? - or, put it another way, if you have any spare cash, pay your debts off first.

My thoughts entirely.

LHJD

Obviously I will have a deposit. I know how the process works!

My partner has savings and would fund the deposit, on her salary alone we wouldn't be able to get a big enough morgage to live in our area of the country. Therefore I would like to be able to go in on the mortgage.

The question is does anyone know whether banks or building societies WOULD lend (potentially) to someone with a DMP?? As I said it would be a joint application.

Obviously my credit rating is no longer dazzling.

That's the question?! If there is anyone helpful enough to answer!

Radiantsoul

I would have thought they would be very wary - if it were possible it would require a large deposit and probably sky high interest rates.

_Andy_

LHJD wrote: »

Obviously I will have a deposit. I know how the process works!

My partner has savings and would fund the deposit, on her salary alone we wouldn't be able to get a big enough morgage to live in our area of the country. Therefore I would like to be able to go in on the mortgage.

The question is does anyone know whether banks or building societies WOULD lend (potentially) to someone with a DMP?? As I said it would be a joint application.

Obviously my credit rating is no longer dazzling.

That's the question?! If there is anyone helpful enough to answer!

How charming.