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DMP - Windfall and Mortgage
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LexieLou
Posts: 715 Forumite



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
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
0
Comments
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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 AdviserYou 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.1
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