DMP + Re-mortgaging

kayle_m06

Hiya everyone.
Im about to enter a debt management plan as I discussed on another thread last week. My creditors seem ok about it but one of them has informed me that I will still get a defualt on my credit file for being in arrears. Im not too worried about that as I never want credit again for a long time. However I am due to re-mortgage in 3 years. And am worried now about how having a defualt on credit file would affect me re-mortgaging. Does anyone have experience of re-mortgaging whilst on a DMP and having a bad credit file? Im so stressed with all of this. Any advice would be grateful??

**confuzzled**

*bump*

I'm also interested in the answer so doing some shameless bumping:p:D

churchrat

hi
not too sure about the situation now, but when we tried to re-mortgage in a dmp, it did not happen. But we had had some mortgag arrears in the past, so that impacted more. I think you will find it more difficult, to be honest.
Have you had a problem paying the mortgage?

**confuzzled**

churchrat wrote: »

hi
not too sure about the situation now, but when we tried to re-mortgage in a dmp, it did not happen. But we had had some mortgag arrears in the past, so that impacted more. I think you will find it more difficult, to be honest.
Have you had a problem paying the mortgage?

Can't answer for the OP but we've never been in arrears or had a problem paying the mortgage:)

Sorry for hijacking the thread OP:o:o

~Beanie~

You should be ok taking a new product with your existing lender as they already have the risk and more than likely won't credit score you again (unless you are asking to borrow more).

Any new lender will credit score you and a default (or more than one) will definately count against you and make it difficult to get a mortgage elsewhere.

winner12

would your re mortgage be for less you could use your existing lender who would see you are trying to sort your probs and maybe they would be alot more sympathetic than a new lender

kayle_m06

Hello.

Thanks for the replies. No i have had no problems paying the mortgage or any other priority bills. Its just my creditors the last month or so.
Im not sure how much we would be re-mortgaging to be honest, all I know is our fixed rate ends in 3 year (it was a 5 year one)
Am I right in thinking the company im with now (RBS) will not take my mortgage off me if I cant re-mortgage and we will just go to their base rate. (Which at the minute is actually lower than what my fixed rate is now.!!)..

winner12

Yes Im sure thats right you just normally go on what ever their base rate is

ex-rayday

I have remortgaged whilst on a DMP and got a fairly good rate, I think even those with excellent credit histories at the moment with the current financial ongoing crisis could struggle. Three years is a long way away to second guess but I would say the sooner you get the defaults the quicker they fall off the books so to speak! You have to live now and worry about remortgaging nearer the time.