Remortgage dmp

bradrock Forumite Posts: 206
Part of the Furniture 100 Posts Combo Breaker
Hi all. I am asking for a friend if mine who would like to remortgage. I have told her that I'm not sure if it's possible and would ask on here for her before she approaches a mortgage broker.
I will give details 

House value is £130000
Mortgage is £68000
She wants 20k so she can clear her debts and start a fresh 
So borrow £88000
Mortgage is with heliodor. Rate is like 7.6 now.
She earns £27000 salary
She has no ccjs no bankruptcy no Iva.

She has a dmp through stepchange pays monthly on 20k of debts been paying them for 4 years.
No missed payments in nothing for 4 years.
There are 5 defaults being paid as part of dmp and are all dated 24 months or more.

Is this possible? 



  • ACG
    ACG Forumite Posts: 23,233
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    The devil is in the detail. If your friend gets her credit report in front of a broker it may be possible for them to find something. I dont think it will be high street, but it may be possible to get something with a building society (unless your friend is in Scotland) in which case I think it would be a specialist lender and the rate might not be massively lower than 7.6%. 
    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.
  • bradrock
    bradrock Forumite Posts: 206
    Part of the Furniture 100 Posts Combo Breaker
    Thank you I will get her to contact one.
Meet your Ambassadors


  • All Categories
  • 338.7K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.5K Spending & Discounts
  • 230.7K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 171K Life & Family
  • 243.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards