mortgage dmp and worried.

Nayma12

I was wondering if anyone had information regarding trying to re-mortgage with a DMP?

I am about to enter into a DMP but my fixed deal with Santander with run out in 2 years. I understand that my credit rating will be dreadful but can Santander cancel my mortgage? What is the likelyhood that i would get another fixed deal with them? They will be one of my creditirs as part of the DMP but we have never defaulted on the mortgage.

I feel very anxious about this as whilst paying the CCCS there would be no room in our budget in the short term for paying any extra.

Our current mortgage is £1389 per month on a £177000 mortgage on a fixed deal 0f 5.89% but with high penalties for remortgaging early.

I would really appreciate any advice. Thanks

kingstreet

Your mortgage will continue during your DMP. They cannot cancel it. You can approach them for another offer when the current fix ends. You will be unable to move to another lender or borrow more.

Check the original paperwork for the "reversion rate" as this is what will happen to your mortgage at the end of the fix if you do nothing. You may revert to a tracker, or to Santander's standard variable rate.

If there is a change to your budget, report it immediately to CCCS to enable them to alter your payment to your creditors.

Nayma12

Thanks. I do have a question regarding my current account with Santander - don't know whether you could help. I am wondering whether to delay starting my dmp until i can pay the overdraft i have with Santander off hence not include it in the dmp. This would take till about August.

My reasoning behing this is that i can close the account as opposed to defaulting on it. Partly too, as i have my mortgage with them.

However i am concerned that some of my other cards are linked to Santander and that they may try to take money from my current account to fund these payments.

Do you know how i would go about finding out who owns what in the credit cards world?

I have cards with:
MBNA
Barclaycard
Tesco
Opus(old CITI card)
HSBC( about to be paid off though)
Halifax

Thanks:)

Thrugelmir

Nayma12 wrote: »

Do you know how i would go about finding out who owns what in the credit cards world?

I have cards with:
1.MBNA
2.Barclaycard
3.Tesco
4.Opus(old CITI card)
5.HSBC( about to be paid off though)
6.Halifax

Thanks:)

1.MBNA Europe Bank
2.Barclays
3.Royal Bank of Scotland
4. CC Asset Management
5. HSBC
6. LloydsHBOS

Nayma12

Thanks for the information.

I think i can leave that Santander account then as i always though mbna and Santander were linked.

Nayma12

Thanks for all your advice. It has helped a lot. Does anyone know if it will make a difference to my re-mortgage options if i just pay off my Santander bank account overdraft and close the account as opposed to including it in my DMP so as not to have Santander as a creditor?

This would mean delaying the start of my DMP until about August when i get a lump sum but would mean it would be about £2,000 less to pay off as part of the DMP.

thanks :j