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Porting mortgage with a DMP
Woodypuddy
Posts: 47 Forumite
Hi, I am not sure if I have posted in the right place but someone on the DMP suggested this may be a good thread for my question. I was wondering if anyone had any experience of porting a mortgage whilst on a DMP. We have enough equity in our house to pay off my DMP which is 55k. I haven't been on the DMP long but it has given us to some much needed thinking and breathing space. We are considering moving to a cheaper house and releasing the equity to pay off the DMP - my DMP is due to last 14 years so we are looking for a clean slate start. We could pay off the mortgage when we sell but I am assuming we will find it very hard to get another mortgage on a new property so I was thinking that porting with our existing lender might be the answer? We wouldn't want to borrow any more and may also be able to slightly reduce it depending on what property we buy. Will the DMP also mean we will struggle to port? Has anyone managed to before? Thank you
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Comments
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You will struggle to port whilst in a DMP. Selling and renting. In the process clearing your debt is an option worth thinking seriously through. Very much a personal decision.
The DMP is going to impact you for some years after it is finally settled.0 -
A port is classed as a new application, you still have to meet the lenders current criteria.
I dont think this will be the answer to be honest but you can always discuss it with the current lender.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 -
Generally even with heavy adverse some lenders will consider thus even if you fail the credit score, which you will, as long as their and your position improves going forward.
No other lender is likely to entertain this apart from your own lender. Lender is crucial, who is it?0 -
Funny_old_game wrote: »Generally even with heavy adverse some lenders will consider thus even if you fail the credit score, which you will, as long as their and your position improves going forward.
No other lender is likely to entertain this apart from your own lender. Lender is crucial, who is it?
Hi, it's the Co op, thanks0 -
They wont look at this until it has dropped off your credit report - i used to work for them and they are not a "lenient" lender.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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