Mortgage and dmp

thegoodlife

So I was thinking of remortgaging as the repayments would be cheaper and I could combine my main mortgage and second charge mortgage. But I have a dmp with StepChange for a couple of years , missed a couple of payments due to unexpected expenses.
I was reading the details of the criteria with precise for example,it says 12 months payments and it says applications not considered if any creditors are paid directly as that is considered breaking dmp agreements.
Ok so I i did pay one out of confusion, when I had a review StepChange were slow in sending it and so reduced the payment before notifying the creditors, so one had been sending me letters and said I needed to pay the difference before they would accept the new amount . I paid it on my card not thinking
So no mortgage chance ? And I noticed if I somehow settled the dmp they won’t consider for three years after that , this is for you expert mortgage advisors , do I have no chance

ACG

For DMP products, they need 12 month payment history. That rule tends to be cut and dry. I am not sure on the paying directly being an issue with all lenders or not, it is not something I have come across.

Once you clear the DMP it is not necessarily a 3 year wait, are you sure you are not mixing it up with an IVA?

Is it cheaper to move your mrotgage and secured loan to an adverse lender? Could you maybe switch products on your current mortgage to get repayments down?

thegoodlife

I was reading this document for precise
https://s3-eu-west-1.amazonaws.com/pdf.precisemortgages.co.uk/01657_dmp_pack.pdf
I am thinking it’s not worth the effort trying as I have missed a payment about 10 months ago , would that mean no missed for 12 months? And about same time I stupidly paid a small payment over the phone I was confused about it and realised I shouldn’t have

The short story is I really want to move and upsize but I don’t think I have a cat in hells chance really so I though getting a remortgage and paying off the dmp £7000 , with a hope of a better deal in a year or so
My current payment a month on 125000 secured borrowing is £1331

thegoodlife

Which is more desirable to lenders

Stick with dmp and apply after 12 months continuous payments
Or
Sell up pay every thing off and rent for a year with no debt then try and get mortgage

Thrugelmir

Have you considered downsizing. Rather than exiting the property market entirely. Lenders have a responsibility of duty of care towards their customers. You'd need to come up with a viable financial plan that flys though, that may require some personal sacrifice. .

ACG

You would have more potential options clearing the DMP for 12 months, but that does not mean it can not be done in 2 months (once you have the 12 months payment history on the DMP).

You need to get your reports in front of a broker really as we only have limited information to go off on here. You need someone to sit down and go through everything in detail.

thegoodlife

ACG wrote: »

You would have more potential options clearing the DMP for 12 months, but that does not mean it can not be done in 2 months (once you have the 12 months payment history on the DMP).

You need to get your reports in front of a broker really as we only have limited information to go off on here. You need someone to sit down and go through everything in detail.

I have had the dmp a while paid off about £5000 there is £7000 to pay which ideally I would want settled on a purchase completion, as have about 45000 equity in house
But I think in the last 12 months maybe about 9-10 months ago we missed a payment due to an unexpected expense
Thanks for your help which credit reports should I request ?

[Deleted User]

thegoodlife wrote: »

Thanks for your help which credit reports should I request ?

All of them.

(Equifax, Experian, TransUnion).