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DMP and getting new mortgage
sazzyc10
Posts: 14 Forumite
Hi
I'm just about to enter into a DMP with Payplan and they say i should be debt free in 2 and half years. Fingers crossed.
But we were hoping to move in 3-4 years and just wondered what the chances are of getting a mortgage. We will have paid all the debt of so everything will be settled so do they take that into account or do they just look at the fact that we didn't pay? Only one account so far has gone into default but i'm unsure if others will follow?
Just wanted to know if anyone had experiance of this
Sarah
I'm just about to enter into a DMP with Payplan and they say i should be debt free in 2 and half years. Fingers crossed.
But we were hoping to move in 3-4 years and just wondered what the chances are of getting a mortgage. We will have paid all the debt of so everything will be settled so do they take that into account or do they just look at the fact that we didn't pay? Only one account so far has gone into default but i'm unsure if others will follow?
Just wanted to know if anyone had experiance of this
Sarah
0
Comments
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On a DMP its usually best to assume all will default (as your DMP is predicted to be fairly short then it may be that some don't but best to assume they will).
Do you currently have a mortgage? Having even settled defaults on file will likely mean you will only be able to get subprime mortgages and higher than normal APRs and requring a higher than normal deposit. If you already have a mortgage and have never been late with payments etc then that lender might be more willing to consider a mortgage.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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