We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Mortgage after DMP

Options
Hi,

We recently received an inheritance, and used some of it to pay off our DMP in December (in full rather than partly settled).  We want to relocate to Somerset this summer before our son goes to college in September.  Our current lender is unlikely to port our mortgage over, so I'm trying to work out what (if any) options we have.

We have £110k left to pay on the house we're in.  It's likely to sell for around £300k so we'd have a sizeable deposit, and we would probably want to borrow around £150k over 15 years.  

I just checked my credit report, and there is no mention of the DMP.  Clearscore shows missed payments January-April 2016, and everything since then is on time.  It gives me 1000/1000, and experian is 943/999.  I am confused by this.  Is this what mortgage lenders see?  Do I need an adverse broker?  Any help and signposting gratefully received!

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You'll need to answer any questions asked on the application form truthfully. 

    Do you have employment in Somerset lined up? 
  • ACG
    ACG Posts: 24,528 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Mortgage lenders do not see the score, they see your payment history. 
    They also have internal records going back further than 6 years, so lenders who were involved in the DMP may be worth a swerve. 

    I would like to think you should be able to get normal rates though. You probably do not need an adverse broker, although no harm as they may understand DMPs and the longer term implications than a "normal" broker. In practice though any experienced broker should be fine. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • You'll need to answer any questions asked on the application form truthfully. 

    Do you have employment in Somerset lined up? 
    I definitely have no plans to lie!

    My husband wfh (he's the main earner) and I can transfer locations (work for a supermarket). 
  • ACG said:
    Mortgage lenders do not see the score, they see your payment history. 
    They also have internal records going back further than 6 years, so lenders who were involved in the DMP may be worth a swerve. 

    I would like to think you should be able to get normal rates though. You probably do not need an adverse broker, although no harm as they may understand DMPs and the longer term implications than a "normal" broker. In practice though any experienced broker should be fine. 
    Thank you, that's really helpful. 
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You'll need to answer any questions asked on the application form truthfully. 

    Do you have employment in Somerset lined up? 
    I definitely have no plans to lie!


    Wasn't suggesting you would.  :)


Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.