DMP and Getting a Mortgage

leanne11

Hi guys, Can anyone tell me if I would be able to get a mortgage although I am on a DMP with CCCS?

The situation is this... I live with my boyfriend, and sometime in the future (next year or 2) we will want to move to a bigger flat/house. He currently has his own mortgage on this flat, but when we move, would we be able to get a joint mortgage even though I'am on a DMP? Or will that make his situation worse and be better off it staying in his name?

Thanks for any advise!!

Leanne

southernscouser

A tough one! I assume you have been issued defaults by your creditors. This will go against you. However, if your OH's rating is good it might balance you out.

Afraid I don't know 100% though!

leanne11

Thankyou. Yes, I have been issued defults by a couple of creditors. Maybe somebody on here will come along who has been in the same situation!

As I'm on a DMP, do I need to wait untill I'am either off the DMP or have finished it before I try and re-build my credit rating? Or, is it just a certain number of years from when I was issued defults etc?

southernscouser wrote:

A tough one! I assume you have been issued defaults by your creditors. This will go against you. However, if your OH's rating is good it might balance you out.

Afraid I don't know 100% though!

southernscouser

leanne11 wrote:

Thankyou. Yes, I have been issued defults by a couple of creditors. Maybe somebody on here will come along who has been in the same situation!

As I'm on a DMP, do I need to wait untill I'am either off the DMP or have finished it before I try and re-build my credit rating? Or, is it just a certain number of years from when I was issued defults etc?

Well I used to be of the opinion that you had to wait the 6 years so the defaults were removed from your file but I have read of people being accepted for credit after 3 or 4 years (god knows why they would want credit)! :eek:

However they obviously don't get the best rates! :think:

leanne11

You're right...I dont want to see another credit card in my life!!

southernscouser wrote:

Well I used to be of the opinion that you had to wait the 6 years so the defaults were removed from your file but I have read of people being accepted for credit after 3 or 4 years (god knows why they would want credit)! :eek:

However they obviously don't get the best rates! :think:

Broken_hearted

I think you would have problems getting a mortgage from a high street lender and you should avoid the sub prime market.

iloveshoes_2

l got a sub prime mortgage through an IFA and the rate and conditions are not that bad. lt's all very well going on about how much it'll cost me in the end but it in the short term it's allowed me to free up more money each month to actually have a life! l'm so much less stressed and can actually see light at the end of the tunnel. Also, l now find l have cash leftover some months which l use to make extra debt repayments.

l'm locked in for 3 years but when the time comes to remortgage, all by debts will be repaid and hopefully my credit rating will have improved. they may not be for everyone, but the mortgage really helped me.

That said, getting a joint product could affect your OH's rating. lf you're happy to have your shared house in his name only and that you won't ever be left with nowt should things go wrong between you, then that's prob the better option.