Seeing mortgage broker with no intention to take out a mortgage (yet)

beckstar1975

We have 8 payments left on our hefty (£62K) DMP - and would hope to remortgage to raise £100k for serious home improvementsin about a year or so's time.

We are in a joint DMP - all my defaults should drop off next year, and DH will have two for a further year as Co-op were so late to default him (although started DMP in 2010).

We also have some small other debt (£10K) and a second mortgage (£20k) on the property - but have about 65% equity (£250K) in the house - and should be able to clear the other debts in a year or so.

I know lenders look harder now at affordability than when we bought our house, but would like to know if a broker would mind seeing us now to go through things as is and advise us on how to best clear our debts to make us more attractive to lenders in the future? Would we have to pay?

Thanks so much

Rebecca

ACG

Things change quite often.
Speak/write to co-op explain that the default should have been dated whenever you think it should have been dated and why.

As for the debts, if tis all going to be cleared anyway, I dont think it matters. What will matter is that you will have recently cleared all your debt and then you want £100,000. Some underwriters are going to pick the bones out of that. Personally I would just concentrate on paying down the debt and then when you are around 3-4 months away speak to a broker and do it all then. Any information will be a lot more accurate.

About 2 months ago, I spoke to a couple of the wedensday and I could not help them. 2 days later a lender launched a product that was perfect for them and all of a sudden I could help them. A month later that same product was pulled and we were fine as the application was already in. But it just goes to show how hit and miss it can be at times.

beckstar1975

Thank you. I genuinely thought the Underwriters would not be aware of the DMP as it will be paid and over 6 years since defaults were issued and thus no longer visible.

Have I missed something or would I be asked about DMP on mortgage application?

Many thanks