📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Remortgaging with DMP running

Options
Hi

I was just wondering if any of you know of any lender who would let us remortgage when we have a DMP running. We would also need a 90% ltv, this would clear all our debts having a 90%, I dont think any lender would let us just remortgage without clearing debts too.

Comments

  • andy.m_2
    andy.m_2 Posts: 1,521 Forumite
    you need to see a whole of market broker.

    You haven't exactly hedged your bets well, no offence, so you need the help of an insider specialist.
    Sealed pot challange no: 339
  • Elloyd
    Elloyd Posts: 48 Forumite
    No offence taken. Just want to get finances all sorted, and get back on track after a period of time when my husband was out of work, and stacking up debts to just get by. He is now back in work, and we want to get ourselves back on track and in control of everything.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    I would love to be positive here (and usually am) but I really do not fancy your chances..

    Is the DMP in joint names and have both of your credit files been affected?

    90% LTV on what sort of valuation, with damaged credit files and being on a DMP is going to be hard work, if not impossible.

    Now working again, how long till you could feasibly nail the remaining debt on the DMP?
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Elloyd
    Elloyd Posts: 48 Forumite
    Yes the plan is in joint names.. Realistically, we are looking at 5 years to clear the debt. Maybe slightly shorter.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Elloyd wrote: »
    Yes the plan is in joint names.. Realistically, we are looking at 5 years to clear the debt. Maybe slightly shorter.
    What is the interest rate on the DMP and what would the interest rate be on the mortgage? Would the debt then be over 25 years rather than 5 years? If it was me I'd leave it at 5 years.

    Moving debt from unsecured to secured does not "clear" your debts it just moves it. You still owe it.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.2K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.3K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.