Mortgage - Credit History just cleared....

Experian_company_representative

DMPs are not registered on credit reports as standalone entries but can be flagged up on the actual accounts. But if the accounts have now dropped off your report you should see no sign of the DMP. There's a bit more advice on DMPs and credit ratings in this Q&A.

James

Brussel_Sprout

Hi James, I actually found that post last night after this thread and re-read everything! It was Payplan that I went through but at the time I think it was early days and not that much info was available!

Many thanks for your help, I'll go and double check my files again today, but I'm sure that everything adverse has now dropped off as my rating is excellent and I only have 4 accounts visible which are the credit accounts I currently run.

Just to clarify, it is therefore doubtful that a search on me would show any flags? Should I declare in discussions that I had a bad credit history? And would a high street lender look at me with a limited credit history and my husbands perfect history, or is it better to go through a broker?

StarGrabber

A broker might push you in the direction of a high street lender if it is the most appropriate for you.

In any case, I think that for any case that deviates from the most straightforward, a broker is worth its weight in gold. Speculative applications that may be declined on something another lender would accept could cause further detriment to your credit profiles.

Brussel_Sprout

Hello, just wanted to update you, after all of your advice.

I spoke with London and Country today, really nice and not at all scary like i thought it would be.

It wasnt good news but at least I now know where I/we stand.

Most mortgage lenders want a DMP to have been discharged for a minimum of 3years with the majority and the main lenders looking for at least 6 years clear of a DMP. So that takes me to 2017, another 3 years here it would seem.

However, we dont need to move, it just would have been nice with the money that we earn to have more room to start a family etc. BUT it means that we have 3 years to save, maybe do some work on this house in the interim, and review the situation in 3 years time. So its not all bad, and who knows maybe we'll win the lottery in that time and not need a mortgage!

Fingers Crossed!

Thanks again for your advice

Dave_Ham

This is not entirely true, suspect they just got rid of you on the phone to take an easier case that was probably on hold.

What deposit do you have and what approximate value would you be looking at?

I would fancy solutions now, subject to the absolute details.

Brussel_Sprout

Im not very good at the figures (see above posts!) but our current house we would make about £40-50K, which we'd be looking to put the majority back into a new house, and would be looking at a new property of around £250k.

Dave_Ham

At which point I would definitely fancy this achievable with the right lender..