We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Chances of a mortgage after a DMP
onions666
Posts: 14 Forumite
I was looking for a bit of advice. I became debt free in August of this year and am now looking to move to a new build house. I had substantial financial difficulties and received 4 defaults, 2 of which have now disappeared from my credit file. The next default runs its course in March and the final one in May 15.
What I really want to know is if there is any point trying to get a mortgage for a new build at this time? IF not is having one default a possibility or do I wait until they are all removed. We have seen a house we want to buy but I'm struggling to know what to do for the best.
Any advice would be appreciated.
What I really want to know is if there is any point trying to get a mortgage for a new build at this time? IF not is having one default a possibility or do I wait until they are all removed. We have seen a house we want to buy but I'm struggling to know what to do for the best.
Any advice would be appreciated.
0
Comments
-
Are you looking to use the Help to buy scheme? If so are you looking to use version 1 or 2?
I think you have potential to get a mortgage but I cant comment if you are looking to use the help to buy equity loan scheme. I would suggest speaking to a broker as its unlikely all lenders will look to accept it.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 -
No we were looking to part exchange so can't use the help to buy scheme as well. I will discuss with a broker.
Many thanks0 -
You'll need to consider carefully which lenders you apply to in light of the DMP. As they are unlikely to want to lend you £'000's so soon. The recent DMP is going to have a material bearing on your ability to obtain credit.0
-
Also think carefully about part ex'ing. my experience with clients is that the developers generally offer around 75% of the property' real value.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards