hi can anyone help

slim1982

hi all my partner is currently looking at buying a property to rent out he has a good 60 percent deposit and would like a mortgage for the rest but the problem is he is in a debt managment plan does anyone know of any mortgage companys that would help him we ve searched the internet and just keep getting dead ends

any help would be great
ps sorry about spelling

suburbanwifey

Not being funny here and I really am not! but if he has a 60% deposit and he is in a DMP there is something badly wrong!

Anytime I have borrowed I have paid back, my superb credit rating and the fact that lenders will give me anything I ask for at preferential rates reflects my attitude to borrowing money. If he has a 60% deposit sat there to use towards a BTL mortgage, why doesn't he pay off all the creditors who trusted him enough to lend him money who he then defaulted on and left them high and dry???

Shocking!

If any lender would touch him with a barge pole I would be very surprised!

handytips

Have to agree with the above sentiments. The fact that he is in a DMP will mean that you have no chance of aquiring a Buy to Let mortgage or any other mortgage for that matter. Pay the debts off wait 3 years and then come back and try again.

slim1982

i thought this forum was for advise not judgement as you dont know all the facts all i was asking was would he have any chance of getting a mortgage

suburbanwifey

No. NO CHANCE AT ALL. He is in a DMP which means he defaults.

Senior_Paper_Monitor

Potential 'preferential payment issues' here.

Ignoring that - if his income increased as a result of the rental it should be returned into the repayment schedule (DMP) as disposable income at the next review.

With that item in mind - it would appear much better use (leaving aside wifey's moral comments - which I by no means disagree with) of the funds to negotiate a full and final settlement which would then release the income being paid under the DMP and start to rebuild the credit score.

All becomes academic as I doubt any lender is going to accept it willingly or miss it in the credit and documentation checks.

If it is a sneaky plan to obtain accommodation for himself/family it is never going to work - and hurtles towards areas that would interest National Hunter.

As a broker (based on the limited information available) we would not take the case on.

suburbanwifey

I was thinking Hunter too ...

slim1982

it is a property that he is wanting to investe in for his future not to live in he lives with me thank you very much

Senior_Paper_Monitor

As I said .... 'if'

The rest of my comment still remains valid

slim1982

i think ill leave it at that thought this forum was for advise i got it wrong cheers anyway

suburbanwifey

slim1982 wrote: »

it is a property that he is wanting to investe in for his future not to live in he lives with me thank you very much

If he is thinking about his future, he would be better to offer full & final settlement offers to his creditors, then his debts would be settled and as has been said elsewhere, that would free up his current DMP payment for him to use/save as he see's fit. Then he can start rebuilding his credit rating. With a crap credit rating, you have difficulty getting anywhere in this country. Lenders like those that pay, you pay them, they lend you money dirt cheap. I am an example of that. He can do the same, its easy. Pay off his debts, start again, in 6 years time try again. A BTL mortgage in the current financial climate would be financial suicide for him. He's not thinking clearly as if he truly wanted to build a better future for himself, he would do it the right way, the only sure way of ensuring that.