Mortgage after DMP

tiller_girl

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!

Thrugelmir

You'll need to answer any questions asked on the application form truthfully. 

Do you have employment in Somerset lined up? 

ACG

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. 

tiller_girl

Thrugelmir said:

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). 

tiller_girl

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

tiller_girl said:

Thrugelmir said:

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.