New mortgage when just out of dmp?

mummytofour

Hi I'm now a single parent and work full time. I want to buy my ex out of my house and am wanting to get a mortgage. I have been on a dmp and have just offered full and finals, on my debts whatever happens I can afford to pay the debts off ASAP. I am looking at Halifax as I see they include tax credits. I also have an account with Halifax which is in a good state. In addition I have a really good rating with natwest so could try them but don't think they will give me enough. I guess I really want to know what are the chances if getting a mortgage straight out of a dmp? Thank u in advance :-)

bigadaj

Doesn't look good if you've just come out of a dmp, as this shows you've failed to repay debt historically.

If you list your earnings and income, house value, mortgage required then you might get some better opinions, but in all likelihood the bank will want to retain your ex as that is greater security.

Thrugelmir

There's no possibility of you obtaining a mortgage in your own name for some considerable time. You cannot default on debt then expect the same lenders to consider you suitable for a mortgage. Full and final settlement may be an easy way out, but leave a big black mark against your name.

mummytofour

I don't see how my ex would be seen as security he has not worked for six years.... So would it be better to pay off my dmp in full rather than a full and final?
I have a pretty good income but I'm not about to post the break down of it on here, as I feel that would be leaving me wide open to troll abuse.

I might just go and talk to the bank and see what they have to say...

Thank you:-)

Thrugelmir

mummytofour wrote: »

I don't see how my ex would be seen as security he has not worked for six years.... So would it be better to pay off my dmp in full rather than a full and final?
I have a pretty good income but I'm not about to post the break down of it on here, as I feel that would be leaving me wide open to troll abuse.

I might just go and talk to the bank and see what they have to say...

Thank you:-)

Your income has no bearing. Lenders prefer to retain all borrowers. Irrespective of their current circumstances. As this route is open to abuse.

The sooner you clear the DMP the better. As then your credit history will start to heal. As will take time.

Wish there was something positive to say to help your situation. .

kingstreet

What entries remain on your credit file?