remortgage in debt management plan

j400cbs

My wife and I got our first mortgage in January this year, had no problem getting it and bought our dream home.

Sadly in march I was made redundant unexpectantly and was out of work for a month, but did find work again although I was on much less then I was when taking out the mortgage. My wife also had a job change right at the same time, so as you can imagine we struggled financially. We kept up our mortgage payments as this was the most important thing to keep on top of. We sold our car and got one that was much less to run and made cut backs were we could. But we still struggled so we entered a debt management plan via step change.

We are making good progress now and I have secured a job back on the same wage as I was on before.

Our current fixed rate finishes in December next year but I'm worried we won't be able to find another fixed rate because of our new defaults on our credit file and that we will move onto a variable rate.

Has anyone else been in a situation like ours and can offer any advice.

Thanks for reading

kingstreet

Ask your current lender about its customer retention products at the time. These are usually available without further status checks.

Thrugelmir

You will need to exit the DMP and have a period of clear history. In order to have the whole market option.