dmp and end of fixed plan

Ashlou88_2

Hi,
I currently have a DMP and my mortgage is due for my fixed rate to end in June next year. Will the DMP affect trying to get another deal with current lender and others?

THANKS!

dunstonh

A DMP will stop you remortgaging (logically, what lender would want to take on someone with a bad credit record). However, it does not stop your existing lender offering new deals to you.

Ashlou88_2

will a deposit be needed, as if we're starting a new mortgage or will it just carry on?

is it likely that the current lender would offer new deals?

beecher2

If you're in negative equity then not very likely, but it is too early to say for sure. Who is your lender as some aren't offering new deals to anyone.

If you can't get a new deal you'll go onto whatever your follow on rate is - check you documentation to see.

Koicarp

Our DMP is coming to an end in a couple of months and since starting it we have always fixed our mortgage rate. Prior to the fixed period ending we just ring them up and get the best deal they can offer, I always doubted any others would lend money to me! If the new rate meant an increase in payments it just meant there was a little less available for creditors.

dunstonh

You are not starting a new mortgage. You are just buying a new deal for your current mortgage. They may not offer you a deal if you are in negative equity but most will offer you something, even if its not their full range.