Trying to get a new mortgage and entering in to a DMP

Jwatson

Hi all,
I currently have a mortgage and have never missed a payment. My husband and I entered in to a DMP this month due to credit card debt. We would like to move house to relocate. We currently have 20% equity in our own home. The house we would be looking to buy would be cheaper than our own home so on the plus side we would have money to pay off my debts leaving my husband in the DMP.
Does anyone know where to start investigating this or if this is just an impossible thing for us currently. Thanks

jubilee14

Jwatson wrote: »

Hi all,
I currently have a mortgage and have never missed a payment. My husband and I entered in to a DMP this month due to credit card debt. We would like to move house to relocate. We currently have 20% equity in our own home. The house we would be looking to buy would be cheaper than our own home so on the plus side we would have money to pay off my debts leaving my husband in the DMP.
Does anyone know where to start investigating this or if this is just an impossible thing for us currently. Thanks

Hi getting new mortgage is pretty difficult on damp some have remortgaged with their existing provider. My existing one doesn’t offer it and tried to go to a specialist with only 7 months left on damp but with defaults for a couple of years yet. Didn’t get what we wanted with 30% equity. First check with own provider then see a specialist broker good luck

A_Random_Man

Hi Jwatson I work for in the mortgage department for one of the large high street banks (I won't say who) and we have customers who come in with similar situations, the bank I work for perspective is that we put in front of underwriters for them to make decision. So I would recommend as the previous poster mentioned to speak to you're lender first, they may have exemption processes if you're not borrowing any more funds, the second option as previous poster said is to look at broker however you may incur ERC if you are tied into rate so bear that in mind

-taff

It depends on your affordability.
If you're doing a DMP you will have defaults on your credit file, this will make lenders nervous.
You can look for a specialist broker who may be able to help.