Mortgage after DMP

dangermind79

Hi


New to the forum and hoping for some advice.


My DMP ended in February. I am now debt free after 8 years. I live with my wife, the mortgage is in her name only.

We are now looking to move house and are hoping to get my name on the next mortgage as we can afford a bigger house with me on too.


Does anyone have any experience of getting onto a mortgage after a DMP? Is it possible? I am worried that after years of hard work and saving that I wont be accepted and we may need to stay put.


Thank you in advance.

djphig

There are lenders who will consider your circumstances. I recommend finding a mortgage broker to guide you through the process & find a suitable lender for you

dangermind79

Thank you for your advice. I will be looking into using a broker. Fingers crossed they can help.

ACG

A lot will come down to how everything appears on your credit reports, but after 8 years, I would assume your credit reports are pretty clear.

Assuming they are, you should have normal lenders available to you, although it might be worth getting a list of any lenders who were involved in the DMP as some of them may need avoiding.

One for a broker, but one I would expect to be placed at reasonable/good rates.

dangermind79

Thank you for your reply and advice. I am currently looking through my credit reports to make sure everything looks OK.

lumpyspaceprincess

We've recently been going through a mortgage application, it's 5 years since I started a DMP and nearly 2 since its finished, and my defaults were all but one 4/5 years old, but due to the value of them we found ourself limited to a couple of specialist lenders. We have however with a broker's help hopefully secured our mortgage now - so it can be done ��

dangermind79

Thank you for the reply. That's encouraging. My level of debt was around 13,000. Its a relief to have it gone, but nervous it will keep following me.