Can I apply for Mortgage if have a Debt Management Plan???

Nonsaver

Hi Everyone

I need some advice, if anyone can help..?

I have been on a debt management plan for approx 2 years. I owe about £22k. I got into debt after splitting up from my partner after 10 years. We had a mortgage and he kept the house and everthing in it and he bought me out..

I have since met someone else and have moved into his house, he has his own mortgage, and I am currently paying for half of this, including house hold bills... however we are thinking of moving to a bigger house within 12 months and would like to have a joint mortgage and hopefully borrow more money as my wages would contribute towards this.

Does anyone know if it's possible for me to get a morgage with having a debt man plan? I havent missed any payments and before I arranged the plan i hadn't missed any payments.. Would this make any difference or would morgage companies/banks etc laugh in my face if I approached them..?

Any advice would be a great help.

Many thanks in advance!!!

System

I dont think you would be encouraged to do so. Who coordinates your DMP?

Lenny

immoral_angeluk

You can but I think it'd be fairly unlikely that you'd get it as you've essentially defaulted on all your credit and I wouldn't expect your credit rating to be too hot. Someone more knowledgable should be along soon though to give you a definitive answer.

moozie_2

Hello there

I do think it's possible but the conditions will reflect your position. If you are with CCCS or Payplan, contact them for advice. They can put you in touch with someone that can talk you through the possibilities.

If you are not with CCCS or Payplan, time to change

CLAPTON

some things to consider

firstly if you get a joint mortgage with your partner you will establish a financial link with him which will adversly affect his credit rating, so i would discuss this with him before making any plans.

you will probably have to go to a specialist mortgage broker to get a mortgage and you may well find you are paying over the odds for a couple of years after which it may be possible to remortgage with a high street lender.


why not make tentative enquiries with a broker and see what they say...make sure they dont credit check you jointly because that will set up a financial link. you could try

http://www.whoslending.co.uk/

poppy52

If you are with Payplan, they do mortgage advice as well - check their website.

Bunnie1982

Nonsaver I am in a similar position at the moment.

Me and my husband are renting at the moment, he is on a DMP with CCCS. We have just had a rent increase and would much prefer to put our money into a mortgage.

We are already financially linked anyway because we have a joint account and applied for a loan together before he started his DMP.

We are going to make some tentative enquiries with a broker, however what kind of goes in our favour is that we have a guarantor. We would contact CCCS also to see what they can advise