Getting a mortgage after a DMP

GIBMSY

Hi,

i am currently on a DMP with step change, which involves 12 different companys ranging from CC's to PDL's But i am fortunate to have them all accept a payment plan and one by they will all be cleared off by December.

But i will be very much interested in getting a mortgage and buying a house after my plan has finished.

So i would just like to know will i be able to get a mortgage (Rate will not matter that much) or will i have to wait 5 years until the defaults have cleared. O and i never received any CCJ's

thanks in advance for any help

Thrugelmir

You will struggle to obtain a mortgage for some considerable time after the DMP is complete.

So you will need to maintain a squeaky clean credit profile.

Along with building a sizable deposit.

GIBMSY

God damn it! thought as much
Is there not a way of getting a Mortgage on the property then?

busyladee

I would say its unlikely til the defaults have dropped off. You
ou could ring your creditors to see if they are willing to remove the defaults off your file once the debt has been repaid but this is purely down to their discretion, and not sure how successful these requests are.

GMS

What percentage deposit do/will you have?

GIBMSY

Would that be 5 years? But i think i will try that as soon as there paid off.
I would hopefully have around 10-25% depending on the property valuation.

Thanks for all input btw

chrisfurbs

If rate doesnt matter i could get you that on 12% fix for 2 years after that who knows

GIBMSY

Thats a tad over the top the you not think

bigadaj

Rate reflects risk, and if you haven't managed to repay historic borrowing then any new lender is going to want a significant premium unless it can be demonstrated over time that someone can be relied upon to repay without any problems.