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Additional borrowing... Would we stand any chance
feekerry
Posts: 76 Forumite
2 yrs ago I entered a dmp as couldn't cope with unsecured debt whilst on mat leave.
Me and husband have joint mortgage which has been unaffected by this as has my husband as it was all in my name (hidden debt, now sorted)
Current ltv is around 65% and we desperately need another bedroom as child number 2 is still in our room. We were looking to borrow to take ltv to about 82% ish.
Husband has perfect credit and we both earn decent wage. My dmp would be ongoing tho. Is it worth talking to our mortgage company or is it a total no go?
Thanks
Me and husband have joint mortgage which has been unaffected by this as has my husband as it was all in my name (hidden debt, now sorted)
Current ltv is around 65% and we desperately need another bedroom as child number 2 is still in our room. We were looking to borrow to take ltv to about 82% ish.
Husband has perfect credit and we both earn decent wage. My dmp would be ongoing tho. Is it worth talking to our mortgage company or is it a total no go?
Thanks
0
Comments
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You will probably have options but not with your current lender.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Just to add i actually work for the 'group' that has our mortgage (nothing to do with mortgages tho) another part of the group but I am technically classed as staff but they don't do staff mortgages as such so not sure whether this would make a difference.
I was also looking into a secured loan of this would be an option. Our current rate is up in April so could reportage but again not sure if we would be accepted anywhere0 -
Get some advice from an experienced mortgage broker on this.
The DMP will cause considerable complication.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Okay thanks I will do that tomorrow.0
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If you can afford a larger mortgage and expend money on having an extension built. Then tackling the DMP should be your priority. Lenders on the whole will react negatively to your circumstances.0
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