mortgage declined 😭

Red-Squirrel_2

If you've spoken to a broker who thinks your plan is possible, why haven't you gone back to them to do the application? That would have been my first step, give them a call now and don't throw in any more direct applications. You'll just keep getting 'computer says no', you need a human on your side with your circumstances.

Thrugelmir

*feisty*fairy* wrote: »

Are there actual lenders out there that will give us a mortgage?

If the finance house you apply to is one of the credtitors within the DMP then all likelihood the answer will be no. Not just now but for some considerable time. So you'll need to be selective.

xHannahx

Your post highlights the poor advice you have been given. The MMR regulations are against you as the mortgage companies take the full contractual payments of the debts under the DMP not the reduced payments for the DMP.
The DMP on its own won't go against you though.
A DMP highlights you can't afford the full payments and almost immediately rules out affordability unless the move is making massive monthly savings on your mortgage repayments.

Malmo

*feisty*fairy* wrote: »

Also we spoke to brokers etc prior to selling our house and were told aswell that becaused we have been with our lender almost 12 years, never missed a payment and are now asking for a LESSER amount than we currently have on our mortage plus have a sizeable deposit so our lender should be fine.

Did you speak to Estate Agent based brokers / advisers, or independent ones?

*feisty*fairy*

the broker was an independent one and was recommended to us, but was dragging his feet due to being so busy, so we went through a phone application with halifax our current lender to speed things up as are aware of people waiting.

kingstreet

If I'd been one of the brokers, I'd have made very clear a current DMP means a very small pool of potential lenders, none of which are on the high street.

I wouldn't have put this case to Halifax, existing borrower or no. It will be a miracle if this is accepted. Stranger things do happen though, so let's see...

You don't have any Lloyds Banking Group commitments in your DMP do you, feisty?

*feisty*fairy*

kingstreet wrote: »

If I'd been one of the brokers, I'd have made very clear a current DMP means a very small pool of potential lenders, none of which are on the high street.

I wouldn't have put this case to Halifax, existing borrower or no. It will be a miracle if this is accepted. Stranger things do happen though, so let's see...

You don't have any Lloyds Banking Group commitments in your DMP do you, feisty?

Not that im aware of no, why?

Pixie5740

The Lloyds Banking Group consists of:

• Lloyds Bank
• Bank of Scotland
• Halifax
• Black Horse
• Lex Autolease
• Birmingham Midshire

If you owe any of them money on your DMP you'll struggle to borrow further money from any of them.

Your broker might have been going a bit slow for your liking but given your circumstances I think you should stick with him rather than firing off applications yourself.

*feisty*fairy*

We did owe a small amount to Halifax from an overdraft but thats all paid now x

Thrugelmir

*feisty*fairy* wrote: »

We did owe a small amount to Halifax from an overdraft but thats all paid now x

Paid off through the DMP?