Mortgage After DMP

Helpme75

I am just about to apply for a DMP with either Stepchange or Payplan, however before I take this massive leap I just want to know, will I never be able to get a mortgage in the future from having a DMP? And will the defualt notice last on my credit file forever or just until DMP is paid off??

_Andy_

The adverse credit will rule out any mortgages from high street/mainstream lenders for some time. Depending on LTV/deposit amounts there may be options with sub-prime lenders.

Miss_Marple_2

Defaults will stay on your credit file for 6 years from the date you received them - whether you have paid them or not.

If you don't get a default, the creditor will mark an arrangement to pay marker each month, which will be seen on your credit file for 6 years after the final payment is made.

You will be able to get a mortgage in the future, but it will be some time after your DMP has finished and will be dependent on the size of your deposit.

ACG

Can you not arrange a DMP yourself with the providers?

The reason i ask is that some lenders see it as though you have put your head in the sand and left it to someone else to sort out... appreciate that might not be the case and i could have worded it better but thats the view some providers taken when i have had discussions.

Once you have finished a DMP (if you can finish it early, all the better), you would be looking at atleast a year or 2 plus a 15-25% deposit (depending on time since the DMP finished).

Take a look through past threads on here for some extra info.