Remortgaging while on DMP

Thrugelmir

Patman_Post wrote: »

I would think that it would be in Santander's interest to move your mortgage on to a repayment mortgage as this should mean they will get more of their money back earlier.

If this were the case there would be money available to repay the other creditors.

Patman_Post

Hi Thrugelmir

I am not sure that is necessarily the case as it would depend on the change in equity on the house and also the new rates on the re-mortgage/product switch.

Either way, my point was that if the OP did move from an interest only mortgage to a repayment mortgage, then from the lenders perspective they would be getting their loan repaid more quickly. as they would then be receiving interest plus capital repayments and so may look on this request more favourably.

In all truth - it is down to the lender to make the decision as I have no idea what they base their lending criteria on these days - but it seems that from other replies that this is indeed possible.

Best of luck with your application Cheesypuff

Mort

While on our DMP we were able to change mortgage products with the same lender, Nationwide, without any hassle because there was no credit check. That's not the same as getting a new mortgage though.

bertman

Just my two pennies worth. We moved to a fixed rate when we first started on a DMP over 3 years ago. I was very nervous we wouldnt be able to do anything. We ended up with the same provider - Halifax offering us a really good fixed rate for two years which meant lower payments. We spoke about our debts and they made notes of it but they were very good about it. Halifax are also the ones we owe the most to as well.....