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Mortgage after DMP
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Frannie40
Posts: 2 Newbie
Hi All,
So about 8 years ago my husband and I financially crashed and burned after he was made redundant. We took up a DMP and paid everything off by Sept 2015. Both our credit reports are scourged of any record of the defaults and coming up as excellent on the scores. We are now looking to take out a new mortgage to move home and the broker says that the DMP could still be problematic. Is this so, and if so how? Thanks for any ideas. I just don't know what to expect.
Cheers, F.
So about 8 years ago my husband and I financially crashed and burned after he was made redundant. We took up a DMP and paid everything off by Sept 2015. Both our credit reports are scourged of any record of the defaults and coming up as excellent on the scores. We are now looking to take out a new mortgage to move home and the broker says that the DMP could still be problematic. Is this so, and if so how? Thanks for any ideas. I just don't know what to expect.
Cheers, F.
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Comments
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Potentially yes, although your credit report records for 6 years, some lenders have internal records that go back further. In addition to that, if the lender you apply to asks if you have ever had a default or been in a DMP then you would need to answer yes.
But I would not expect the DMP to prevent you from getting a Mortgage at normal rates.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The lenders concerned may well have blacklisted should you apply for future credit with them again. They'll maintain their own records of delinquent customers. On which there's no time record.0
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I see. So it may be as simple as avoiding certain lenders then. He said we had to declare everything and I guess we at least have honesty on our side
Thanks for the advice.0
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