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mortgage and DMP
lillibet_dripping
Posts: 1,678 Forumite
My interest-only mortgage deal (£91,000) is coming to an end in October this year. My house is valued at £230,000.
Last April, I admitted to myself that I had debt problems and took on a Debt Management Plan through Payplan.
My question is 'what sort of mortgage deals, if any, will I be able to get when the time comes. My mortgage is with the Halifax who are also one of my creditors. I feel that, given my situation, the Halifax will have me over a barrel and I will be forced to accept whatever mortgage deal they offer me.
Last April, I admitted to myself that I had debt problems and took on a Debt Management Plan through Payplan.
My question is 'what sort of mortgage deals, if any, will I be able to get when the time comes. My mortgage is with the Halifax who are also one of my creditors. I feel that, given my situation, the Halifax will have me over a barrel and I will be forced to accept whatever mortgage deal they offer me.
:j[DFW Nerd club #1142 Proud to be dealing with my debt:TDMP start date April 2012. Amount £21862:eek:April 2013 = £20414:T April 2014 = £11000 :TApril 2015 = £9500 :T April 2016 = £7200:T
DECEMBER 2016 - Due to moving house/down-sizing NO MORTGAGE; NO OVERDRAFT; NO DEBTS; NO CREDIT CARDS; NO STORE-CARDS; NO LOANS = FREEDOM:j:j:beer::j:j:T:T
DECEMBER 2016 - Due to moving house/down-sizing NO MORTGAGE; NO OVERDRAFT; NO DEBTS; NO CREDIT CARDS; NO STORE-CARDS; NO LOANS = FREEDOM:j:j:beer::j:j:T:T
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Comments
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A remortgage is more than likely out of the question for the time being, although you do have plenty of equity you will probably get something, but not at the kind of rate you want.
See what Halifax has to offer by way of product transfer at the time, or sit on standard rate until you are debt-free.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
lillibet_dripping wrote: »I feel that, given my situation, the Halifax will have me over a barrel and I will be forced to accept whatever mortgage deal they offer me.
Halifax will charge what it regards as a reasonable risk premium. Given your financial situation. Unfortunately the only mechanism they have is the interest rate
If your find their offer unpaletable. Then you need to decide if another course of action would make life easier. I.E. selling up and clearing your debts. Then rebuilding from there.0
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