Trying to get a mortgage..with a debt repayment plan

BasilCookieTibbs

Hello,

I would love to buy my own house, having rented from private landlords for the last 11 years, with 8 house moves (we've had really bad luck with landlords either going bankrupt and selling up, or deciding to move back in) we desperately need our own home. (I know a lot of people are in the same boat) 

Me and my partner both work, with a combined income of 64k. We have three children all primary school age. My amazing mum has offered to give us help towards our deposit if we are able to get one of the springboard mortgages where she will get it back in 5 years. 

The problem is, we have a debt repayment plan. This is from a debt from 10 years ago when we were both out of work and struggling for money.
We have never missed a payment, never missed a rent payment or bill. Always received 100% of our deposits back. 

Does anyone have any advice how to go about getting a mortgage or is it completely out of reach until the debt is gone? 

We are currently paying £1250 pcm in rent. And have got a feeling our landlord will be either increasing the rent or asking us to move soon. 

Any help or advice will be greatly appreciated

ACG

When you say a debt repayment plan, are you talking about a DMP or have you just set up a payment plan directly with the creditors or the debt collection agency/ies? 

How does it appear on your credit report? 

fatbelly

If it was defaulted more than 6 years ago, it won't be on your credit report. Have you checked?

BasilCookieTibbs

It is a DMP through Step Change.  It's all done in my partner's name, and his credit score shows the debt. So his credit score is quite bad but mine is really good, but that's because I was a stay at home mum for a while and he sorted all the finances. 

kingstreet

Another from yesterday;-

https://forums.moneysavingexpert.com/discussion/6500829/ongoing-dmp-but-clear-credit-history-mortgage-application#latest

Floopy2009

ACG said:

When you say a debt repayment plan, are you talking about a DMP or have you just set up a payment plan directly with the creditors or the debt collection agency/ies? 

How does it appear on your credit report? 

Out of interest i have set up a payment wth a debt collection/creditor about a credit card seven years ago not a dmp. Is that a bit different then. Nothing on my file, although it states on my bank statements reference payment to debt collection and amount thats it.

ACG

Floopy2009 said:

ACG said:

When you say a debt repayment plan, are you talking about a DMP or have you just set up a payment plan directly with the creditors or the debt collection agency/ies? 

How does it appear on your credit report? 

Out of interest i have set up a payment wth a debt collection/creditor about a credit card seven years ago not a dmp. Is that a bit different then. Nothing on my file, although it states on my bank statements reference payment to debt collection and amount thats it.

I have just replied to your thread. It is different though yes.