Specialist re-mortgage advice for someone with DMP?

Debtdodgergirl

Hi!
I am trying to find good mortgage advice on remortgaging or alternatives. I have a long term DMP and have not been able to get a mortgage "deal "now for 5 years due to bad credit & low income.

- I am just paying interest only instalments on the mortage lender's "standard rate". I have 14 more years to go on my £180K mortgage and have been told I can just overpay every month to try and make a dent in my repayments. - But surely there must be some better alternative open to me?!

- Does anyone know of specialist mortgage advisors for those with a DMP ?!

Any advice would be so great! - I am a single parent trying to keep the mortgage going - but worried about being homeless in my retirement!

memberme

Shaun Vickery - [EMAIL="Shaun.Vickery@theselectpartnership.co.uk"]Shaun.Vickery@theselectpartnership.co.uk[/EMAIL]

at equity finance - he found me a good deal after my IVA and deals with 'sub prime'...he maybe able to advise. Nice guy also. They do charge for their services on completion but nothing up front. He's happy to communicate via email initially.

Thrugelmir

Debtdodgergirl wrote: »

I have 14 more years to go on my £180K mortgage and have been told I can just overpay every month to try and make a dent in my repayments. - But surely there must be some better alternative open to me?!

There's only one way to clear debt and that's to pay it off. There are no alternatives. If you are unable to make inroads while interest rates are low. Then any increase in interest rates in the future is going to hit you even harder. In simple terms every 1% increase is going to cost you around £150 per month on a £180k of debt.

Looking forward (with retirement in mind) your answer lies elsewhere I feel. Difficult decisions need to be made.

memberme

How helpful....not...let's state the obvious

Does thrugelmir stand on a street corner with a plackard preaching.

If debtdodge could manage to wangle a cheeper mortgage deal it would help. It may or maynot be possible

Thrugelmir

memberme wrote: »

How helpful....not...let's state the obvious
[/B]
Does thrugelmir stand on a street corner with a plackard preaching.

If debtdodge could manage to wangle a cheeper mortgage deal it would help. It may or maynot be possible

Do tell us from which lender. Also how does someone "wangle" a mortgage when they are obviously under financial duress. We'll all be interested to know.

Ps Just put me on your ignore list. Then you won't have to read my posts. :beer:

ACG

When did you enter the DMP?
Is your mortgage in arrears?
Who is your current lender/what rate are you paying?

TrickyDicky101

Is £180k your current mortgage balance outstanding? If you really only have 14 years remaining (and this is a repayment mortgage) your monthly repayments must be fairly significant?

What is your income?


EDIT: Yep - OP confirmed interest only.

Thrugelmir

TrickyDicky101 wrote: »

If you really only have 14 years remaining (and this is a repayment mortgage) your monthly repayments must be fairly significant?

Mortgage appears to be interest only. If it were on a repayment basis already then there would be far more scope.

ap1985

Debtdodgergirl wrote: »

Hi!
I am trying to find good mortgage advice on remortgaging or alternatives. I have a long term DMP and have not been able to get a mortgage "deal "now for 5 years due to bad credit & low income.

- I am just paying interest only instalments on the mortage lender's "standard rate". I have 14 more years to go on my £180K mortgage and have been told I can just overpay every month to try and make a dent in my repayments. - But surely there must be some better alternative open to me?!

- Does anyone know of specialist mortgage advisors for those with a DMP ?! Try London and Country mortgage brokers. They helped me with my mortgage, although I had been out of the DMP for 2 years before I approached them.

Any advice would be so great! - I am a single parent trying to keep the mortgage going - but worried about being homeless in my retirement!

How much debt do you owe? Any idea when your DMP will finish? Can you not make lumpsum payments towards your DMP to help you pay it off quicker?


Try London and Country mortgage brokers. They helped me with my mortgage, although I had been out of the DMP for 2 years before I approached them.

David_White

More information is needed to say if this will be possible for you however affordability could potentially big a bigger hurdle than your credit issues.

Have a chat with a professional and they'll no doubt tell you what can and can't be done.