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Mortgage after a DMP

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carolynw
carolynw Posts: 23 Forumite
Part of the Furniture 10 Posts Name Dropper Combo Breaker
in Mortgages & endowments
Has anyone had any experience with getting a new mortgage post DMP? We want to downsize and our current provider won't let us move any mortgage so we are currently stuck in a 5 bedroom house with only one child left at home. Teacher's BS has said they will consider us 3 years post DMP (we are currently 2 years). Seems daft not being able to get a smaller mortgage despite never defaulting on our large one.

Any thoughts please?

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Are you looking to reduce the size of your mortgage in downsizing?
  • carolynw
    carolynw Posts: 23 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    yes, our current outstanding mortgage is 165K and we would like to borrow a max of 100k but would settle on 75k. we have roughly 325k equity
  • ACG
    ACG Posts: 24,559 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Have you asked your current lender if they will allow you to port and reduce the mortgage? If you keep it at the same or a lower LTV I can not see any risk to the lender.

    Failing that, there are lenders but it could be normal rates or relatively high rates depending on how everything appears on your credit rpeort. It could be worth a chat with a broker.
    I am a Mortgage Adviser
    You 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.
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