Remortgaging with DMP

TommyTBFC

Hi,

Apologies if this is in the wrong place and apologies because you must have heard this all before however,

I’m currently in a DMP with StepChange and have been for 4 month and all going well but I know the nagging thought in the back on my mind about remortgaging our property at the end of this year.

How does this go about? Will I have to take advice from a broker that specialises in this field? Will the mortgage just keep running on their varialable rate without any questions asked? (Bad thing as our repayments will currently go over the £650 mark)

Or what happens if I cannot get any deals and no one will touch us due to the DMP?

I’m sorry for all this but I know there is a lot of experienced people on here and I’m young and never remortgaged before!

I’m worried sick, thanks in advance for any advice

katsu

If you do nothing you will go to whatever rate they have at the end of the deal - standard variable rate or whatever they call it. You would have taken out say a 2 year fix on a 25 year mortgage, so at the end of the 2 years you can pay the variable rate for the next 23 years.

You only remortgage if you want a deal from someone else.

Your mortgage company may have other deals you can take without going through a full remortgage.

NowInspired

As far as I can tell (we're in the same situation at the moment, so are going through this process), stay with the mortgage provider you're already with and so long as you don't alter the term of the mortgage or borrow more money, you should be able to get a deal without them running a credit check.

TommyTBFC

Thank you both for your replies,

I shall speak to my mortgage company and see if they have any deals without putting in a new application.

Thank you again

Suseka97

TommyTBFC wrote: »

Thank you both for your replies,
I shall speak to my mortgage company and see if they have any deals without putting in a new application. Thank you again

You might not need to speak with them at all. I changed deals twice with my current provider over the last 5 - 6 years whilst in a DMP and I did everything online, never spoke to anyone and the last change dropped my mortgage payments by a good margin. So its definitely doable as long as you stay with your current provider.

TommyTBFC

Hi Suseka,

Thank you for your reply, I checked online about remortgaging and it said that it was unable to assist online however it believe that may be down to not due for renewal for several months. I will look closer to the time.

Again, thanks for your help. It keeps me sane knowing people who have been in my current position have come out the other end fine