What do people on a DMP do about mortgages?

skysky69

I just wondered what happens to those folks who are on a DMP when you have a mortgage and a house. My fixed fee for my mortgage finishes in about 2 years and I have considered doing a DMP but worry about what I would do in 2 years time, granted most mortgage companies wouldn't touch us with our debts at the moment but we haven't missed any payments we just have lots of credit. If we go into a DMP then our credit would turn bad and we would be tarred for 6 years, would we just have to be on the variable rate from the mortgage company we are already with for the remaining 4 years until our credit rating was repaired?

Just things I am mulling over at the moment

Tixy

I think worse case you would have to consider that it could happen would be being stuck on the variable rate (at whatever APR that might end up :eek:).
That said its not impossible to switch mortgages when you have defaults from being on a DMP or to re-fix with your current provider. People do often find they can't get the very best rates that are out there and may need to approach an independant mortgage advisor but it is possible to get a fixed rate deal.
Obviously if you have reasonable equity in your house this will make it easier that if you have a very high ltv.

jules1973

We can refix with our current provider without a credit check at any time

Superbiatch

jules1973 wrote: »

We can refix with our current provider without a credit check at any time

Yup, me too - with RBS.

jules1973

Superbiatch wrote: »

Yup, me too - with RBS.

Yeah mine is with RBS too

mushy_pea

Try doing a search on here.
You should find info on plenty of people have been able to get mortgages whilst on DMPs. Some with other providers, although admittedly the rates won't be quite as competitive.

HTH

skysky69

We have in the past refixed with the same provider but I think what is making me nervous is that it is a product that I dont think exists the old self cert mortgage so they might not let us refix again. I think we have another two years yet but still find myself fretting over things that are that far away as with the amount that actually comes off the debts, it is not going anywhere fast.