Remortgage on a DMP

missmcvey17

Are there any lenders that offer mortgages to people on debt management plans?

I’ve been split from my ex for over 4 years and he’s still on my mortgage (Halifax) despite not paying a single penny towards it in that time.

My credit score is fair and I have £18000 left to pay off my DMP which will take roughly 10 years. My home has just under £70k equity and my ex wants £13k.

I’m so desperate as I have another child now and if anything were to happen to me, my little family would be homeless and my ex would get my house. It’s so frustrating as my income more than covers it and i can prove that I’ve been paying it alone for 4 years! No one will seem to touch me because of the DMP 

K_S

@missmcvey17 If the DMP has been running for a while and conducted well (you'll most likely need a letter from the DMP provider confirming that), and the LTV is low enough, you should have a few specialist options.

Of course, the details of what is in your credit reports also matters, as does the kind of income and whether the numbers stack up on affordability (from the lenders' point of view, not your's).

They are unlikely to be Halifax rates so it may well turn out that you are better off sticking to Product Switches with Halifax (which usually require no credit checks or assessment) and putting this off for later.

If you still feel you want to explore this options, I would recommend getting in touch with a broker that specialises in adverse. Do shop around a bit though as some can charge a bomb. Good luck!

PS: If you are the sole provider for your family, do consider taking out life and/or income protection if you don't have anything in place.