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DMP & Mortgage
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Financialpickle
Posts: 2 Newbie
Hi All,
First post :-)
A bit of background
In 2014 I lost my job and finally had to face up to all my debts, just short of £47,000 including a none secured £25k from my mortgage lender. After seeing my pants, growing up very quickly and fortunately getting a job sorted in a month or so. i entered into a DMP through Step Change.
Over the last 5 years I have brought my combined debts down to £25k of which £23.5k is the amount with my mortgage lender.
By July the only debt I have will amount with my mortgage lender, and by Christmas the arrears will be taken care of too.
I'm not sure my mortgage lender will keep me to my DMP arrangement as this loan was actually over the lifetime of my mortgage. and if I stick to my DMP it would be clear by April 2023. not 2033 as per the original agreement.
I have been trapped by my DMP in a house I need to get out of. Estimated equity in my property after the settlement of mortgage and settling all outstanding DMP debt of around £45k
If I sold today at 10% lower than my neighbours identical house was sold for 12 months ago.
Point to note, i haven't missed a single payment to Step change and have not acquired and other debt.
So, a couple of questions to the forum
1. What have been the experiences of others on a DMP with a mortgage length none secured element, where it would be settle under a DMP 10 years before the agreement.
2.My wish to move house - Based on settling all my debts by the sale of my property and having a lump for a deposit on another has anyone manage to find a mortgage lender who would work with them or is it a complete dead duck?
Thanks
Financialpickle
First post :-)
A bit of background
In 2014 I lost my job and finally had to face up to all my debts, just short of £47,000 including a none secured £25k from my mortgage lender. After seeing my pants, growing up very quickly and fortunately getting a job sorted in a month or so. i entered into a DMP through Step Change.
Over the last 5 years I have brought my combined debts down to £25k of which £23.5k is the amount with my mortgage lender.
By July the only debt I have will amount with my mortgage lender, and by Christmas the arrears will be taken care of too.
I'm not sure my mortgage lender will keep me to my DMP arrangement as this loan was actually over the lifetime of my mortgage. and if I stick to my DMP it would be clear by April 2023. not 2033 as per the original agreement.
I have been trapped by my DMP in a house I need to get out of. Estimated equity in my property after the settlement of mortgage and settling all outstanding DMP debt of around £45k
If I sold today at 10% lower than my neighbours identical house was sold for 12 months ago.
Point to note, i haven't missed a single payment to Step change and have not acquired and other debt.
So, a couple of questions to the forum
1. What have been the experiences of others on a DMP with a mortgage length none secured element, where it would be settle under a DMP 10 years before the agreement.
2.My wish to move house - Based on settling all my debts by the sale of my property and having a lump for a deposit on another has anyone manage to find a mortgage lender who would work with them or is it a complete dead duck?
Thanks
Financialpickle
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