New mtg with DMP ????

Wilmot1428

Hi

This is my first post :j :j

What i was wondering was whether anyone knew if it was possible to get a mortgage with me being on a dmp ?

I owe around £20k and am with Payplan. I work full time on a measley 18k and my husband is self employed with 4years audited accounts.

A friend recently got a £237k mortgage having only worked 3months of her whole entire life and basically found a dodgy solicitor and got a mortgage through telling lies but we dont want to have to do that

Any suggestions anyone ?

Stacey

JulieHK

You should be able to get a mortgage, lenders are very flexible these days, how much do you want to borrow and do you have a deposit ?

MortgageMamma

Hi

There are a few lenders who will consider this, but I think its important you get professional advice. Some lenders will reduce your borrowing capacity by the monthly payment on the DMP x 12 and some will reduce your borrowing capacity by your original contracted amount on the debts, x 12. The lender you go with will most likely want proof that the DMP is being conducted well, they will need to know the total outstanding debt and how long you have to go. Are you thinking of mortgaging to pay off the dmp or are you looking at purchasing a new property?

Whatever you do don't attempt to do this yourself, most of the high street lenders won't touch it, you need the help of a professional. Speak to a fee's free whole of market mortgage adviser/.