Moving mortgage whilst on a DMP

Jvic28

Hi everyone,

I'm not sure if this is the right place to post but I hope someone will have some advise.

I have been on a debt management plan since 2008 and have an interest only mortgage with Leeds Building Society which I have only made one late payment on in 2008 and have been on time with no arrears since.

I currently live in a 1 bedroom flat with a 1 2 year old. I owe about £80 on the mortgage and the flat is shared ownership of 70% (not that that makes a difference)

I would like to sell the flat and move closer to my family. I can get a 2/3 bedroom house there for £60-£80k. Any ideas what the chance are of Leeds Building Society letting me move the mortgage given my DMP. (Obviously all this is on the basis that I can sell my flat 1st)

Thanks

kingstreet

Lenders are less interested in the DMP and are more concerned about the underlying adverse credit on your file. We need to know the number, size and date of any defaults and judgments which are shown on your credit file.

Jvic28

Ok. I have no judgements, but as some of my debts are now with DCA I presume they are defaults.

Debts as follows:
Shop Direct Group £783.87
Barclaycard £153.84
Vanquis Card £389.08
Shop Direct Group £213.41
SimplyBe £204.58
Capital One £60.89
DLC £108.84
CL Finance £576.01
Natwest Loan £2796.66
Natwest Overdraft £1118.65
Aqua Credit Card £257.99

I've been on the plan since 2008 and am making headway.

kingstreet

You need to order copies of your credit files from the three credit reference agencies then make an appointment to see a whole market broker.

Without knowing EXACTLY what is registered and when, meaningful help is impossible.

Lenders tend to band adverse credit into amounts and timeframes, so a £2,000 default from March 2008 may be looked at differently by one lender to another.

One of the biggest problems in doing this job is people think a mortgage is adverse or prime when there are various "shades" inbetween which affect the loan to value you will be offered and the interest rate applied.

Jvic28

Thanks for the advice. I might have a word with my current lender see what they say. Got nothing to lose.

Will take a look at my credit file too, be interesting ti see what it looks like now.