remortgaging on a dmp

katieb.1983

Hi Peops, just looking for some advice, i am due to remortgage in the next couple of months but since getting my mortgage 2 years ago, I have had to enter on a dmp. I have never had any arrears with my mortgage but obviously I have damaged my credit scoring by entering the plam. I am just worried that I will not be offered another mortgage or if I am it will be an " bad" credit mortgage where the interest rates will be sky high.
Can anybody shed any light on where I should shop around to gain a good deal?

Thanks

~Beanie~

You will probably have to stick with your existing lender as they won't credit score you again as long as you don't want to borrow any more. Give them a call and see what they can offer you.

katieb.1983

Aww thank you x

kingstreet

The DMP won't be much of an issue to the kind of lenders who'll look at your case. What they will do is look at the adverse credit information which lies behind it and make a decision based on the size and timing of the problems.

The mortgage rate will depend on the severity of the adverse, your income and the equity you have in the property.

At this time, if your existing lender will offer you a product transfer to a new deal, this may be a better option than attempting to remortgage. They are unlikely to undertake any status checking at this point.