Dmp and remortgage

revel5

Hi , I was wondering if anyone knows if I can remortgage whilst on a dmp ? I was hurt at work 8 years ago and couldn't work for 3 years . We have never missed a mortgage or council tax payment but had to go on a dmp for credit card and loan payments ,and have been on this for 5 years . I am currently on a 6% mortgage rate and have equity of about £100,000 in my house so was wondering if there is any lenders who would lend to me whilst on a dmp. I am looking at borrowing abt 105,000 whilst my property is worth £180,000 .
Thanks in advance

GMS

Are you looking to clear the DMP?


There are lenders who would consider it. Best to get copies of credit files to a broker and see if it is possible

ACG

As GMS says, there are a couple of lenders assuming the DMP is being cleared.

The upside to that is you can probably get a better rate and your credit report will start improving. The downside is that you are adding currently unsecured debt and non interest baring debt onto your mortgage.

Thrugelmir

How much do you owe on the DMP?

Westminster

I'm in a similar situation - although this month I am trying to negotiate partial settlements with all the creditors to clear all those historic debts and end the DMP (going well so far!)

None of my DMP accounts remain visible on my CRA files as they all defaulted over 6 years ago.

As these accounts are not visible on the CRA and once cleared, will not have to be declared on a mortgage application, how long after the DMP ends should I wait before approaching a broker (in order to hopefully achieve a sensible rate). I ask this as obviously the payments to Payplan appear on my bank statements so it will be apparent that there was a DMP.

Just_Passing_Bi

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