From Debt-free Wannabe to Mortgage… It can be done!!

Pott5y

Only 2½ years ago I finished a DMP with Payplan with full and final settlements to all of my creditors of which I had 7 in total and owed in excess of £50k. I had 5 defaulted accounts on my credit files which cleared the early part of last year and the 2 accounts left, had been closed and marked as settled (though with late payment markers from just before they were settled).

I have, along with my wife, just managed to secure a 90% mortgage with a major high street building society at a very competitive rate, so are able to get our feet firmly on the property ladder and away from the rental market. Yippee!!

I have to say a lot of this is down the fantastic advice I have had since I have been on this site through the various forums, DFW, Housebuying & Renting and latterly Mortgage & Endowments. One of the best pieces of advice re: the mortgage (for me) was to speak to a mortgage advisor. My choice was Dave Hamblett at Simply Invest, one of many who specailises in adverse credit morgages. Believe me, it is money very well spent (in my opinion). I previously had been and spoken directly to banks, building societies and high street brokers who all shook their heads and told me to come back after another 12 months minimum!!!!

So finally I would just like to say thank you to absolutely everyone on the MSE forums who have helped me with good advice through the last 8 years or so of dealing with my finances from severe lack of, to at last getting on the property ladder…. It can be done!!

moneemonee

WELL DONE

This is so reassuring for me, I was on a DMP finished in full 4 yrs ago, unfortunately I took out pay day loans recently and therefore was refused a mortgage back last year although I only went through 1 major bank.

I have just been to see a mortgage broker who has been really helpful and is in the process of looking for a mortgage for me - very nervous as I feel like it will be rejected again!

We have a 15% deposit now, but a 10% when i applied last year so hoping this goes in our favour!!

Out of interest who have you managed to secure a mortgage with adn has it gone to the underwriters yet?

Dave_Ham

Hi there,

The case has been offered and will be completed in the next few weeks.

It would not be fair to start sharing lenders as what is right for one client, is not right for everyone.

It is a case of your broker understanding your current situation and then placing it with an identified lender based upon your situation and their critiera.

This should then be effected at the most suitable rates to your circumstances.

15% deposit is a big help, as lenders start to relax a little and new lenders enter the market at this LTV.

Best of luck

droiderm

Good news. Well done all concerned.