Getting a mortgage while in a Debt Management Plan

matt0706

Hi,

My wife & I are in a Debt management plan and we currently rent. My parents are looking to dispose of some of their estate and have said they will gift us some money but only as a deposit for buying a house. We’ll have 15% to put down.


Does anyone have any experience of getting a mortgage while in a DMP? I’m concerned about going to an unknown broker who’ll charge lots of fees but not get us a mortgage.

So any recommendations of good trustworthy brokers or lenders that may be able to help would be appreciated.

Thanks

ACG

Only pay the fees on offer or completion?
A broker will discuss their fees and when they are charged with you before doing anything. They will also give you a terms of business which confirms in writing when they are charged.

There are lenders out there who will consider you, but ti will depend on how it all appears on your credit reports, so make sure you get those upfront.

srisport

Im afraid i can't help with regards to your DMP, but what i can tell you is that we are currently going through the FTB process on our first home and I've had meetings with:

TSB - AIP confirmed
Santander - Mortgage rates/fees discussed
Independent Broker 1 - Mortgage rates/fees discussed
Independent Broker 2 - Mortgage rates/fees discusses

Non of the above meetings have cost us a penny except for our own time (1-2hr per meeting). Were even thinking about setting a meeting with a 3rd Broker to see what they can offer.....

As a FTB, I would highly recommend setting up meetings with brokers/Mortgage Advisors. Ive used friends/family for reccommendations and my own research to gain knowledge in an area i know little about.

As ACG has said, speak to a broker. It should cost nothing to talk and has certainly helped me understand the Mortgage process a lot better, and giving me confidence

HTH

Kind Regards.