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Getting a new mortgage whilst starting a DMP
Jwatson
Posts: 17 Forumite
I am a home owner with a mortgage. We are about to enter a DMP however we would like to move. Would it be impossible to get a new mortgage?
0
Comments
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It is possible but I wouldn't recommend it. You're going to default on all of your debts by starting the DMP. This is not a great sign for mortgage lenders. You will have to pay a broker a lot of money to get you a mortgage and it'll will be expensive as your interest rate will be high. Plus I can't see how well increasing your expenditure will bode well with your creditors. I think upgrading your home is a bad idea. Revisit the idea in 3 years when you've made headway paying down your debts and your defaults are so in the forefront.Loan 1 £5200/£8000
Loan 2 £300/£5800
Total £5500/£138000 -
Please, please keep on the DMP route. If you cannot afford your debt payments it is the best way to go about things. Have a read of the DMP threads for tips on your budgeting for it and what to expect.Loan 1 £5200/£8000
Loan 2 £300/£5800
Total £5500/£138000
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