finding deals on mortgage whilst on dmp with a notice of correction

HELENC1984_2

long title but here goes!!

my mortgage runs out the end of next year and i have joined a dmp, previous to that i checked my experian rating, which was good. but i have since had few late payments and threats to have defaults put on a few of my debts. i notified experian that i was on DMP and they have put a Notice of Correction on all of my debts and they said that this will be picked up whenever someone runs a credit check on me

Having said that, will Mortgage companies take this into account when i look for deals at the end of next year? i'm freaking out a lil bit and am getting very worried with increasing interest rates that might/are going to happen!!

Thanks

Soph86_2

My belief is that you will struggle to find a decent rate mortgage with any defaults or CCJ's on your account. This is just my experience though. I think they start to have less effect the older they are, but anything other than a spotless credit file will cause you problems getting a mortgage at the moment.

Tixy

You will likely struggle to get a new mortgage deal whilst on a DMP.
It will be worth getting copies of your credit files and having a look to see what is actually on there so far. Its almost guaranteed that you will have several defaults after being on a DMP for any length of time.

What does your notice of correction say - if defaults are on your file then that is correct as you have defaulted. Who advised you to put the NoC on?

When you do come to try to find a mortgage then you'll probably need to go to an independant broker, the high street banks will be unlikely to lend to you (althoughpossibly your current mortgage co may allow you to fix again). If you do go to a broker I would take a copy of your credit file with you so they can see the position and will be able to see if they can find something suitable. But it won't be at the most competitive rates.