Advice needed for mortgage after DMP

glentoran99

YHM wrote: »

I think the emergency fund is a fantastic idea and would recommend retaining that no matter what, especially as you have handled the DMP so well.

Likewise as my previous post, there will be lenders that will consider you once your DMP has been cleared, however, these won't be mainstream high street lenders.

With a deposit of 50 - 60k and a joint income of 58k, I would personally bring your expectations down slightly to around the 250k purchase price, to allow for a mortgage of 200k and associated purchase cost (SDLT etc). This would allow for the increased interest rate you would most probably face post DMP.

Why not? Mine is mainstream and there will be no defaults showing on his account?

glentoran99

csgohan4 wrote: »

Because your meant to disclose, anything other is mortgage fraud and it is based on trust and honesty isn't?


You are higher risk than someone without a DMP and adverse credit and therefore you will pay more in interest.


Get a broker to get your own individualised options

Only if asked, You are normally only asked any CCJs or bankruptcy, a DMP is neither and doesn't need mentioned

sammyjammy

If your accounts don't show any of the closed accounts and the defaults are gone from your credit record I don't see why you wouldn't get a mainstream lender. A DMP is an informal process, I agree with OP unless someone specifically asks on an application form it shouldn't be an issue. I would however be upfront and honest with a broker.

Thrugelmir

The finance companies you defaulted on, will hold their own records. While you public record will be clear. Lenders will retain their records for many years longer.