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Mortgage Question for any Mortgage Advisors
steveweb
Posts: 7 Forumite
Hi all.
I currently have debts which are being managed through a DMP. No bankruptcy or CCJ's, all defaults on payments due to my circumstances at the time. My current mortgage is with Leeds B.S.
My question is if I clear all debts in full so don't owe anything except my mortgage, how long would I need to wait before I could look to remortgage with a mainstream lender or borrow against the equity in my property (not a large amount, approx £4-5k for essential maintenance/kitchen/bathroom). Any help on this would be appreciated. Thank you.
I currently have debts which are being managed through a DMP. No bankruptcy or CCJ's, all defaults on payments due to my circumstances at the time. My current mortgage is with Leeds B.S.
My question is if I clear all debts in full so don't owe anything except my mortgage, how long would I need to wait before I could look to remortgage with a mainstream lender or borrow against the equity in my property (not a large amount, approx £4-5k for essential maintenance/kitchen/bathroom). Any help on this would be appreciated. Thank you.
0
Comments
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DMP are to worse than defaults/CCJs (in the eyes of a lender).
I would say probably 4-6 years depending on the overall LTV if your looking for a mainstream lender. If you want any lender then i would say 2-3 years assuming the LTV is less than 70%.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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