Joint names on morgages wife on DMP

Andy103

Hi.

Just a brief outline.
Our fixed term morgage came to an end Oct last year, and since then is at the banks variable rate.

Its not a huge mortage , 27k with 7 years left to pay, the house is in both names but is paid out of my account.

Wife is into her 2nd year of a DMP with around 55k of debts ( long story, i didnt know anything about).. non of her debt are secured against the property.. its all been credit cards and loans.

My question is .. i want to fix our mortgage for at least a period of 5
years.. but i dont know if with my wife been on a DMP that will affect anything i try to do.

Any information / advice greatly appreciated.
Thanks

dimbo61

Your best chance is with your existing lender and as long as you are not trying to borrow more money there should be no credit checks.
Could you extend the term ? ( age ) which might give you more spare cash to pay bills and debts !
Good luck

katsu

If you look for a mortgage from a new lender then I think they will definitely discover your wife's DMP when they do credit checks and it would then mean you are unlikely to be offered the best deals.

Dimbo's suggestion of trying your existing lender is probably the best thing to try first.

You could get your wife to order the £2 statutory copies of her credit files from equifax and experian and call credit and see how many defaults etc she has, then see if a broker can advise you on whether another lender would give you a good fixed rate deal?

Andy103

Would i be able to go for just a single application in my name ?

katsu

Andy, as you and your wife are both named on the mortgage then her financial details and yours are already linked. I don't know what your options are about applying for a solo mortgage - hopefully someone with more knowledge will come along and advise. Why not speak to a mortgage broker and see what they suggest?