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Help please
Shazb
Posts: 1 Newbie
My husband and I have a mortgage on our current property and we are looking to move from the area to the north west of England, I rang the mortgage company this morning to discuss our options for buying a cheaper house, I was told there is a bankruptcy flag on our account and that they wouldn't be able to help at all.
Since applying for this mortgage back in 2003 we have been through some difficult patches and are now trying to pay off our debts through debt management plans. I just need to know our options, I am not wanting to borrow more money, we want to buy a cheaper house but I'm really scared now this isn't going to happen and if we are unable to get a mortgage because of our DMP does this also mean that we will not be able to rent?????
What are our options???? Are there companies that help people get mortgages whilst paying a DMP, I'm trying to pay it back after all not run away without paying it back!!!
Since applying for this mortgage back in 2003 we have been through some difficult patches and are now trying to pay off our debts through debt management plans. I just need to know our options, I am not wanting to borrow more money, we want to buy a cheaper house but I'm really scared now this isn't going to happen and if we are unable to get a mortgage because of our DMP does this also mean that we will not be able to rent?????
What are our options???? Are there companies that help people get mortgages whilst paying a DMP, I'm trying to pay it back after all not run away without paying it back!!!
0
Comments
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No I'm afraid no-one will offer you a mortgage while you are in a DMP.
You can stay put or sell and rent for a while. Bear in mind your credit rating will not be good so you may struggle to find somewhere to rent.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
You will not be able to obtain a new mortgage (even if less than your current debt) with an active BO - what are the terms of the order ?
Holly0 -
If you approach the Estate Agent with some advance rent (if possible) it may mitigate some of the credit scoring issues...
As The J said, no chance of any mortgage whilst on a DMP - sorry...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.0
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