what are my chances of getting a mortgage on a dmp

sofedup_2

Hi all,

Was wondering if any one has been able to get a first time mortgage whilst in debt and with a bad credit report. We are currently on a dmp with cccs but really want to buy our own house instead of keep renting but am worried we wont be able get one because of our situation.

Has any one been in this situation before and managed to get one and if so who with,

any help would be great thank you

Annisele

Sorry - no chance at all I'm afraid; the days of getting a mortgage for 100% of the value of a house are long gone.

Before you even start trying to find a mortgage, you'll need a deposit for the house you're buying. If you're in debt, then I assume you don't have a deposit - and if I'm right, you'll fall at the first hurdle before you even get to the credit checks.

Renting's not so bad. I'd like to buy at some point soon-ish too, but it's not the right time for me. However, some rental properties are awful - and if that's the trigger for you wanting to buy, you should probably try a different rented one instead.

eschaton

You really want to be paying off those you already owe money to* before taking on more debt.




* Then save for a deposit.

_Andy_

sofedup wrote: »

Hi all,

Was wondering if any one has been able to get a first time mortgage whilst in debt and with a bad credit report. We are currently on a dmp with cccs but really want to buy our own house instead of keep renting but am worried we wont be able get one because of our situation.

Has any one been in this situation before and managed to get one and if so who with,

any help would be great thank you

How much deposit do you have saved up?

Conrad

You would need at least a 35% deposit, and even then it would probably fail due to 'responsible lending' rules where lenders cannot be seen to be lending where people are clearly already struggling to meet the original payment terms of thier debts. Beware sharks offering you high cost bridging - it will kill you