New DMP and renewing of mortgage

Brokenknee

Hi all,

Will try to be concise, just looking for some advice..

Current repayment mortgage with Halifax (£128k left over 32 years) has just come to the end of the intro rate and moved to the standard rate. I'd like to remortgage and pull out some money (£10k) to repay a family member for money loaned to do up the house (bought for £150, now worth circa £170k) and purchase a new car.

However, to complicate the matter, I've just had to go on a DMP as my unsecured loans had become unmanageable. My first payment is 1st April.

Is there any advice as to how to proceed?

Thanks in advance.

kingstreet

You might get a product transfer to a new deal online with Halifax but additional borrowing is unlikely.

Same with a remortgage to a new lender - unlikely.

You should study the terms of your DMP. You may be prohibited from taking out any other credit.

Thrugelmir

Brokenknee wrote: »

and pull out some money (£10k) to repay a family member for money loaned to do up the house (bought for £150, now worth circa £170k) and purchase a new car.

However, to complicate the matter, I've just had to go on a DMP as my unsecured loans had become unmanageable.

Time for a LBM before you lose everything.