In a DMP but outgrowing our house...

badgergirly

Hello,

Been in a DMP for a couple of years now and the debts are going down nicely, as well as just starting to break even on the mortgage too.:j

Problem is we're in an upstairs rather "compact and bijou" flat with no access to any outside space of our own and we're having a baby in January. Plus the tenants in the flat downstairs are something of a trial (but that's another story entirely). We're not "desperate" to move out, but we're keen to, none the less.

Having spoken to those lovely people at Payplan about it, they've said there's a possibility of getting a mortgage when we've got a decent amount of equity, but that's a few years off and we'll be out of debt by then.

I was just wondering if any one had any bright ideas that might help us out of our current predicament?? (Apart from bank robbery...;) )

Badgergirly

MrsTUS

Could you rent out your flat - so that it at least covers the full mortgage, if not a tad more - and then move into rented accomodation? I assume you have some defaults if you're on a DMP, so even if you do get offered a mortgage with a decent amount of equity in your house, it might not be on the right side of 6 years since default issue date and it might be a sub-prime/high interest mortgage so it might be worth trying to stick it out until the defaults drop off.

It's not too bad living in a flat with kids - it's when you add child number 2 and 3 to the mix that it starts to actually impact on your day to day quality of life.. that said, something are rarely ever unmanageable...

You might just have to stick it out and chalk it up as an extra lesson not to ever get into debt again haha. I always keep finding new 'lessons' cropping up as the years go by as to why to NEVER EVER get into debt again...

Good luck with the pregnancy :] There is absolutely NO greater joy, I promise you. I wish we could have a 4th baby, alas, I'm done - but that smell, in the crook of their neck.. I wish I could have bottled it so I cold smell it when I'm an old, old lady and my kids have grown up and remind myself - it's just precious..

CH27

Sell your flat & rent a house until everything is paid off & the defaults drop off your credit files?
You won't get a decent mortgage with defaults.

badgergirly

Thanks, kind of what I thought but I was wondering if there's something somewhere that I've missed or hadn't considered...

ah well, it was worth a shot