advice DMP mortage ???

MoneyPleaseHelp

Hello after some advice really.

I have been on a DMP Plan for over a year now and paid off over 12K of my debt, I still have £56525 and should be debt free by Feb 2015 all being well.

I am currently living back with my parents, but they are thinking of selling up now they are both retired and moving away.They have said from the sale of the house they will give me as much money as they could spare to pay off a large part of my debt. my question is i dont really want to go into rental if i can help it as its dead money. but what chances would i get of getting a mortgage, i know at the moment i wouldn't be able to as all my money goes to the DMP, but if a sizable chunk was cleared would i be able to do you think.

Also the house would be sold before i got the money

I have search the site but not really come up with much.


What are the best options do you guys think. I know its not going to happen quick etc as they have to find a place and sell and still not 100% sure. but want to see what my options are

MrsTinks

I honestly think your chances of getting a mortgage whilst on a DMP are slim to non-existant... Once it's paid off then you are looking at at least 12 months of managing your credit well before I'd think of applying... Yes you might get one before that but you would be looking purely at sub-prime lenders and if you think renting is dead money...
Look at getting something VERY cheap - maybe a house share? - for a year and hammer those debts even more and then think about buying.

Tixy

Also you won't be able to save up a deposit whilst on a DMP so won't be in a position to get a mortgage.

Even if you pay off a chunk of your debts then you would normally continue your DMP payments at the same level as this would still be the amount you could afford each month.