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i need a bigger house!
tonic4
Posts: 1 Newbie
Hi we have a 2 bedroom house and really need a bigger property but we have alot of debt + mortgage. we r currently on a dmp with a very low credit rating my question is will any lenders give us a bigger mortgage so we can purchase a bigger house??
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Comments
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Hello there....
my first thought would be do you really *need* a bigger property? More space is nice if you can afford it, but seeing as you are already on a dmp I can't see any lender increasing your debts with a bigger mortgage.
Apologies if you are already doing this but look at ways to reduce outgoings, pay down your existing mortgage and debts before moving house."Put the kettle on Turkish, lets have a nice cup of tea.....no sugars for me.....I'm sweet enough"0 -
How many of you are there?
Jx2024 wins: *must start comping again!*0 -
Could you sell yours and rent somewhere bigger?0
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Hi we have a 2 bedroom house and really need a bigger property but we have alot of debt + mortgage. we r currently on a dmp with a very low credit rating my question is will any lenders give us a bigger mortgage so we can purchase a bigger house??
In short, no.
The lender will have (since late 2008) a really strict criteria for assessing lending affordability. On a DMP, you will have numerous defaults (perhaps the odd CCJ) and that's a no-no as far as the banks are concerned.
I'm afraid you'll have to make do until you rectify your financial situation or bring in more money.Debt Free! Long road, but we did it
Meet my best friend : YNAB (you need a budget)
My other best friend is a filofax.
Do or do not, there is no try....Yoda.
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Why not sell up, pay off some debt, rent somewhere larger, have the landlord worry about the mortgage, insurance, repairs and maintenance?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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Sorry but define the term need?
Surely getting yourself in yet more debt is a terrible idea given that your already in additional debt.
Is there anything you can do with your current property to make more space?0
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