Getting a new mortgage whilst starting a DMP

Jwatson

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?

Kitten868

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.

Kitten868

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.