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Downsizing house on Debt Management Plan
alisonb1965
Posts: 9 Forumite
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Comments
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Unlikely to be granted a mortgage while currently in a DMP.
If sufficient equity to get below 70% loan to value, you may have an adverse credit specialist to consider, but not on the high street.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I would be bringing the mortgage down to below 70% loan to value so good to know its not impossible.
Its the best way to get rid of the DMP quickly but I don't want to have to rent.
Would there be no point speaking to my existing lender?0 -
Probably, but for the price of a phone call...I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Last month i was looking into something similar for a client.
60-70% it should be possible. The main condition being that the DMP is cleared IN FULL. There will be a couple of lenders who will look at this but not many (maybe 3-4).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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