Mortgage advice after a DMP

dfw_big_al

Hi,

Looking for some advice i went debt free in March 2012 and then sold my house in Nov 12 and moved into rented property, would now like to buy again are there any lenders that will consider me now for a mortgage with my previous debt history, credit scoring is max with experian and just applied for equifax and call credit too.

Any help would be appreciated. Thanks

Thrugelmir

DMP will exclude you from all the mainstream mortgage lenders for some time.

GMS

What percentage deposit do you have?

Dave_Ham

Deposit is important, as requested. As is dates of the defaults that still show on your credit file/s still

kingstreet

You need to get hold of all three of your statutory credit files;-

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

Experian

http://www.experian.co.uk/consumer/statutory-report.html#orderReport

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear

which you should take along to a meeting with a good independent or whole market mortgage broker. Ask friends and relatives for a recommendation. Failing that, use https://www.unbiased.co.uk remembering to switch off "sponsored ads only" option so you get a full list, not just the paid-for adverts.

The £2 statutory paper files will be fine. Avoid online schemes you have to pay for which give you your inside-leg measurement and call it a "credit score" as this is different to the lender's, the one which actually matters to you...

Dan-Dan

Sorry to hijack , but out of interest , what size deposit is it where you may be aiming at 40-50-60 LTV ,and it starts making a difference to a credit score ?

Dave_Ham

Depends wholly on what is on the credit score and when. For example a 4 year old default is easier to mitigate than one recorded last month.

15% deposit is where some adverse lenders kick in, with more joining at 20% deposit and some much more flexible options at 40% deposit.

Clearly these will not be highstreet rates though

kingstreet

It varies from lender to lender.

The arrangement to pay, once ended is less important than the credit issues caused along the way.

Often, a DMP was preceded by a host of missed and late payments, defaults and possibly even court judgments.

That's why the question "I had a DMP can I get a mortgage?" is always answered the same way. "What's on your credit file?"

Dan-Dan

Thanks Dave , for me , i have decent credit , no defaults , no missed payments , and potentially a 48% LTV for a 185k mortgage , i`m hoping that this will get me in the mix for a good rate