DMP and gov 'Help To Buy' scheme...

starrybear

Hi there

I wasn't sure whether to post this in DFW or the mortgage forum? I'm just trying to find out if moving house whilst on a DMP is completely out of the question? We're outgrowing our 2 bed semi, but with 2 years still remaining on the DMP, I'm wondering if we can get a new build on a Help to Buy scheme for the same sized mortgage we originally took out in 2008? (20% from government will help us in getting a slightly bigger place.)
I'm fully aware that a DMP means you need to fairly pay off your creditors before embarking upon a bigger financial commitment, and also that we wouldn't find getting a mortgage easy with a DMP, but is it absolutely out of the question?!

Thanks in advance x

sugarplum10

these 'help' schemes are for first time buyers only.
as you have a mortgage already you do not fit the criteria.
hth

starrybear

Thanks sugarplum10, but I'm 99% sure that they're open to everyone... :-) (Help To Buy only)

sugarplum10

starrybear wrote: »

Thanks sugarplum10, but I'm 99% sure that they're open to everyone... :-) (Help To Buy only)

https://www.gov.uk/government/policies/helping-people-to-buy-a-home/supporting-pages/help-for-first-time-buyers
gov website says its for everyone so it must be, you will have to see if you fit the criteria???
ild ring em up and ask?!

matttye

How long have you been on your DMP? I think it will be the state of your credit files that determines whether you'll get a mortgage rather than the DMP itself. Do you have CCJs and defaults on there still?

jimimi

Hello

Help to Buy is all dependent on whether you can get a mortgage for the 75% of the property you can purchase. Also you need to have sold the property you are currently owning before you can complete on a HTB property.

HTB agents do not carry out credit checks, it would be the financial advisor/mortgage lender that would do this.

starrybear

matttye wrote: »

How long have you been on your DMP? I think it will be the state of your credit files that determines whether you'll get a mortgage rather than the DMP itself. Do you have CCJs and defaults on there still?

3 years, with 2 years to go (It was 4 years but we have regularly increased payments. No CCJ's, but defaults due to having payment arrangements through DMP.