Move House to clear DMP

Ribbons473

Apologies, I misread, it started July 2011.

ACG

I would be surprised if there is not a lender or 2 for you now.
Being very honest unless there is a lot of equity (maybe 25-30%), I think you are probably looking at non high street lenders. Rates should not be too bad, but thye are not going to be on the best buys.

Ribbons473

We are looking at about 63% LTV

kingstreet

I agree with ACG.

If you want to do this sooner rather than later, you're going to need a rehabilitation lender and pay a higher rate for a couple of years before returning to the high street.

To make this work, you absolutely HAVE to ensure everything is paid on time for the next two years minimum.

The number of times I've undertaken this exercise and the client has continued their overspending and somewhat lax attitude to timing of payments meant they never got back to the high street and were looking to consolidate more card debt every two years with yet another rehab lender.

Ribbons473

kingstreet wrote: »

I agree with ACG.

If you want to do this sooner rather than later, you're going to need a rehabilitation lender and pay a higher rate for a couple of years before returning to the high street.

To make this work, you absolutely HAVE to ensure everything is paid on time for the next two years minimum.

The number of times I've undertaken this exercise and the client has continued their overspending and somewhat lax attitude to timing of payments meant they never got back to the high street and were looking to consolidate more card debt every two years with yet another rehab lender.

Thanks for your advice, I explained our circumstances above and the DMP wasn't due to overspending/bad budgeting, we have lived to a very tight budget and have never missed or been late on any of our credit commitments prior to the DMP or indeed on our mortgage since the DMP so that isn't something that will happen.

I suspect my next step will be to find a good broker.

Thanks again

Ribbons473

I was expecting if we could maybe get onto a 2 year fix at a higher rate and then there may be some better options available to us.

kingstreet

Ribbons473 wrote: »

I was expecting if we could maybe get onto a 2 year fix at a higher rate and then there may be some better options available to us.

Which I think is exactly what I said, subject to you keeping your nose spotlessly clean for the next two years...?