Seeking a specialist mortgage advisor

..ukeuro

Hi All.... Please can anyone recommend or signpost me to a specialist mortgage advisor who specialises in helping people arrange a mortgage who have come out of a Debt Management Plan or have bad credit? I understand that the vast majority of high street providers do not lend to people who have come out of a DMP in the past 6 years, but I am also led to believe that lenders have different criteria's and that there may be a lender who could be able to help me get a new mortgage product? I came out of my DMP in November 2014 and my current credit scores look healthy (though I understand that these may hold little weight). Thank you for any advice!!

ACG

The biggest thing is not when you came out of the DMP but when you entered it.
Assuming it was over 2 years ago and you have a 15% deposit, there will be lenders with relatively normal rates as a worse case scenario.

Although it could be possible to get it through at high street rates depending on how long it has been since you entered the DMP, your credit report now and the size of your deposit.

Have you tried looking online or speaking to friends and family with regards to a broker?

..ukeuro

Thank you for your reply. I am really confused at the moment. I spoke to Halifax (my current mortgage provider) who said that they would not consider an application from me until I had been out of the DMP for 6 years clear. The thing is , I have been offered a job down South, where I could potentially earn more money but rents and properties are so expensive to by. The house I am in now, is probably worth £130,000 -£138,000, and I owe approx. £108,000. I doubt I could get a flat down South for under £160,000 / £170,000. But I have no debts and could afford a higher mortgage payment. Nobody can really recommend a mortgage advisor / broker to me, given my circumstances. I came out of my DMP in Oct / Nov 2014. Please can you signpost me to mortgage provider? I would be so grateful! Thank you.

..ukeuro

Sorry... I went into my DMP in Jan / Feb 2009 approximately. And it went on until Oct / Nov 2014, when I completed it. Thank you.

ACG

Is it a DMP or IVA?
If its a DMP the person at halifax I think has it wrong, if its an IVA then that is a form of insolvency (similar to bankruptcy) and treated very much the same as bankruptcy.

If it is an IVA then it would be 6 years from discharge for most lenders - although again, there can be exceptions, but generally speaking you would really need it to be 3 years at least.

..ukeuro

Hi! Thank you for your reply. I'm very grateful. I was on a Debt Management Plan. A DMP. Not an IVA. The man at the Halifax seemed very certain that they could not help me for another 6 years. On my credit file, there was a default showing for Lloyds TSB but this is cleared and paid off now. I am not sure where to turn. I don't know if I can turn anywhere? Maybe I just need to accept that I can do little at the current time. I could rent down South , but I feel a bit resentful possibly paying £1200 approx. on rent, which seems to be about the average rent in Outer London. Also, I am unsure if Halifax would let me rent my house, and if they did, then I'd probably have to top up the rent by approx. £150 a month to cover the mortgage, on top of the rent down South. Ideally, I would like to know if there anyone can recommend a specialist mortgage advisor who might be able to help me?

ACG

On the face of it, it seems possible then.
We are not allowed to recommend brokers or lenders on this site. Can you not just call around a few brokers until you find one who seems confident and reliable?

Dave_Ham

You are correct you need a specialist, or certainly an experienced broker and therefore almost certainly be a broker fee to be paid


You need to ensure when you call one that they are aware of not only the historic credit issues but also the fact you are relocating as the case will only fit a limited panel of lenders.


Best of luck

..ukeuro

Thank you for the advice. How or where do I begin looking for a specialist broker who I would need to pay? Is there a directory or association that I can contact? I don't know how to begin finding a specialist broker. Thank you.

alchemist.1

..ukeuro wrote: »

Thank you for the advice. How or where do I begin looking for a specialist broker who I would need to pay? Is there a directory or association that I can contact? I don't know how to begin finding a specialist broker. Thank you.

ACG is a specialist broker. Just PM him.

..ukeuro

Thank you. Will do.