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Is it possible to approach my mortgage provider Nationwide re mortgage post dmp

@MovingForwards

Welcome to my new Thread

thanks
Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
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Comments

  • Dandytf
    Dandytf Posts: 5,073 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    from earlier today...
    my dmp is finished since Jan- a few months ahead of what was Nov' end date.
    Is it possible to approach my mortgage provider Nationwide, to request a shorter term re mortgage
    I want to avoid a declined full application, which a term change means.
    cra reports are clean of defaults post 6-10 years.
    Score is recently lower as I have a few very low balance credit cards.
    t.i.a.
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • Dandytf
    Dandytf Posts: 5,073 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    @K_S

    I have been making regular overpayments,  though now where near enough during 2018-2021 whilst part time work.
    I'm since giving full time a chance after unexpected Redundancy which could mean higher overpayments.

    Is it an option to apply maybe with current Nationwide for 10 year term.
    If this isn't likely to be approved, then overpayments it is

    thanks
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • Dandytf
    Dandytf Posts: 5,073 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    @lonibra

    Thanks, though would like to know if possible, how soon I could be accepted for Reduced Term Mortgage.

    Thanks
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • MovingForwards
    MovingForwards Posts: 17,139 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    As you know the credit score you see isn't the same as one a lender sees, it's the credit history.

    However, what I'm struggling to get my head round is why you would want to change your contractual mortgage term and shorten it, rather than make mortgage overpayments each month / year and have the term naturally reduce.

    The latter way allows you to revert back to the lower contractual monthly mortgage payment in case of financial problems, loss of job etc and continue to meet payments. Changing the term potentially means higher payments which could be a struggle if anything happens.

    But, as we all know your financial head works in a very different way to most of ours and whatever anyone says you will do what you plan.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • Dandytf
    Dandytf Posts: 5,073 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    @MovingForwards

    Ide find reduced term motivational.
    New reduced term payments, wouldn't even be as much as when I took this mortgage.

    thanks
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • MovingForwards
    MovingForwards Posts: 17,139 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    Remortgaging / picking a different fix and keeping your current term would keep contractual payments cheaper and still allow you to overpay and clear it sooner.

    You will end up doing your plan. I wish you luck to keep building that positive credit history and hope you never end up back in the place you were before.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • Dandytf
    Dandytf Posts: 5,073 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Can't contain myself, testing post dmp climate by Habito kindly checking my Experian report, before deciding if I meet TSB re-mortgage criteria.
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • Dandytf
    Dandytf Posts: 5,073 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Nice of Habito to finally provide answer today.
    Seems I'm not yet credit rating acceptable as yet.

    Nationwide, it is then, a few weeks to decide re mortgage quote.

    thanks mser's a long road to proper mainstream mortgage options to go
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • MovingForwards
    MovingForwards Posts: 17,139 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    Usually you need to be 12+ months post DMP for mainstream lenders, you've only just paid yours off.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • Dandytf
    Dandytf Posts: 5,073 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 22 April 2021 at 7:01PM
    Usually you need to be 12+ months post DMP for mainstream lenders, you've only just paid yours off.
    thanks I was hoping a simlar answer from Habito or TSB as decent 10 year term quote.
    Since re thinking, overpayments increase, could mean I save upto 5 years reach term.

    p.s. habito dmps taken over 6 years could be accepted, mines is 10 years, though only recently cleared.

    thanks
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
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