can I remortgage with a dmp and poor credit score?

nicmogs

Hi, I'm after some advice, please. I have a mortgage of £280,000 & a second mortgage of £28,000 totaling £308,000, my house is currently worth approx £360-£370,000 so approx £50-60,000 equity. I am currently on a dmp with stepchange due to some financial difficulties incurred during time off having my children and bad budgeting on my part,I have several defaults on my loan and credit card accounts but no ccjs or bankrupcies The dmp is proceeding well and should be completed in 2022. However, I wanted to see if I would be able to use some of my equity to remortgage my house at all to pay off some of my debts and possibly pay less each month, or is there something else I could do to get back on track. I currently pay £650 to the dmp, £1,027 mortgage and £217 on the second mortgage. Obviously, my credit score at the moment is terrible and I don't have a huge amount of equity but I would be interested to know if there was anything out there that could possibly help my financial situation. Myself and my husband are both working full time in good, reliable jobs with a steady income, many thanks

ACG

When did you start the DMP?
Are there any defaults on your credit report? If so when are they dated?

What rate are you currently paying on your mortgage and second charge?

nicmogs

Hi, I've had the dmp for just over a year, my credit report is showing 7 defaults dated between 2015-2017.
My mortgage rate is 4.75% second charge is 5.25% both variable rates. Main mortgage is interest only, second charge is a repayment,
thanks