Would I still get a mortgage ?

baikal

Hi everyone, I am on a 4 year dmp and so have a few red marks from 2 creditors.
Now I can sell my house and down size, this would allow me to pay off the 2 creditors I owe money to.
It would then allow me to place a 40% deposit on the other house.
Question is could I get a mortgage? I must add i have never ever missed a mortgage payment.:o

DarkConvict

With a 40% deposit and only 2 default it maybe possible.

I assume the remortgage would mean that you are debt free aside from the mortgage. If not a DMP provider may not agree to carry on your DMP as remortgaging is obtaining credit still.

Your only draw back is you are likely to get a mortgage at a higher rate due to the marks on the credit file.

Also, remember you are pushing unsecured debts into a secured debt, which is not usually recommended. However many people do downsize and use the extra to pay off debt as they find it easier to manage even if a mortgage costs more in the long run.