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DMP - Windfall and Mortgage

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Hi,

I'm on here looking some advice, I'm mid 40's, 3 years into a DMP and have a balance of about £24k to go. I'm about to come into some money which means I can pay off my DMP, and have about 60K left. I earn about £42k a year

My questions are:
I'm looking at houses where I would need to borrow £80k max, as well as use my windfall, so total cost of house would be about £140k,  based on the wisdom of the folk here, how long should I wait from clearing my DMP to applying for a mortgage?  
Do I pay my debts in full, or go for a settlement?

Thanks 


LL xx
£38,000 and change to £0

Comments

  • ACG
    ACG Posts: 24,523 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    A lot I think depends on how your credit report looks. 
    If your credit report is a bit of a mess, you may as well just crack on now. Speak to a broker and they should be able to help. 
    If your credit report has no adverse showing, then I would say a few months after. 
    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.
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