Outright 'no' for a mortgage?

BertrumB

Hi, Im looking or advice on what you think our chances are of a new mortgage/remortgage.

The facts...

We would like to either remortgage and release some equity to extend our current house, or get a new mortgage and move to a new house which is a bit bigger.

The problem is is that i am paying a balance of £3300 to a debt management company. We have about £30000-£40000 equity so whichever we did this would be paid off first (I know it will still be on my credit file) so we would go into a new deal debt free.

Could anyone advise what their thoughts are on this?

Thanks in advance

ACG

There is some potential.
It will depend on when you entered the DMP and your credit report in general (forget the score).

One for a broker definitely but there could be the chance of getting a Mortgage or a secured loan - it will depend on you current mortgage and the rest of the case.

BertrumB

Thanks for your reply ACG.

Apart from this my credit file is good, no missed payments on anything else, all other credit up to date - like I say the plan is to clear all of this. I pay to the plan every 4 weeks and think ive made about 4 or 5 payments so I suppose it is quite recent.

Thrugelmir

BertrumB wrote: »

Apart from this my credit file is good,

Doesn't work like that. A black mark on your record is a reflection of you as a potential borrower. Where's the money coming from to move house or pay for the upfront costs of an extension? You would be far off to tackle the DMP as quickly as you able.