Help finding a broker? Settled DMP

Gonzo1927

Hi all, first time post.
I’m looking to move in the new year and would like to get the ball rolling in terms of understanding how much I can borrow – if any!
In March this year I settled a Debt Management Plan that I had in place for 6 years following the break up of a relationship. The Dmp was settled part in full and part with reduced settlements. I currently have no outstanding debts. Most of the debts from my dmp have also fallen off my credit file, although approximately 3 are still showing (although showing as settled/closed). My experian report paints a good picture of my credit status, whilst the others not so much. I recently got a credit builder credit card, which is paid off in full each month, to help boost my score.

Since the dmp, I’ve married. My wife and I would now like to buy our own home. I own (mortgaged) my current property with an ex. My wife does not have a mortgage and has an excellent credit rating, we are not financially linked in any of the credit reports. We have saved for a deposit, she also has a help to buy Isa which we would like to put towards the purchase. We have a household income of approximately £60,000 and ideally would like to borrow £150,000.

On this basis I believe I’ll need a broker to help find the right product – but how do I choose a broker? There’s so many results from a Google search and I just don’t know where to begin.
Also, has anyone been offered a mortgage with a similar financial history?

Any help and advice people can offer is very appreciated.

Thanks.

ACG

A DMP that age will not be too much of an issue to overcome, it will just be a case of trying to get the best rates possible - potentially high street, potentially a touch above.

The fact your name is on another property will mean you are liable for higher rate stamp duty - assuming a purchase price of £175k that would be around £5-6k.

As you say, a good broker will be able to guide you through it all.

Have you asked friends and family? Failing that, call up one or 2, discuss your case with them, some will back out immediately as they only like the other cases. You will probably see the difference between those brokers and the ones who know what they are doing in how the conversation flows.

Gonzo1927

Thank you for your response.

I should have said that I plan on selling my current property that I own with my ex do there's no additional stamp duty payable. I may not even need to pay any on my new property if I can get one for under £150,000 thanks to the new land transaction tax which is replacing stamp duty in Wales.

My small circle of friends and family haven't really moved home for years and those that have have gone through their bank.

Should I just start with L&C and go from there?

amnblog

You need a broker that specialises in cases with bumpy credit histories.

A site such as Trustpilot carries reviews of suitable Brokers.

ACG

Personally I would just ring 1 or 2 brokers up and explain your circumstances. Nothing again trustpilot or the like, but it tends to only have certain brokers on there.

I know quite a few Mortgage brokers (I used to look after 600 of them when I was an account manager) and I only know 1 company who is on there. Most of them are on google etc.

You will get a feel by having a chat with someone I think, whether you like and trust them. Its a stressful couple of months so you need someone you have full confidence in.