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Mortguage Whilst in DMP
freddie2020
Posts: 35 Forumite
Is it possible to get a mrotguage whilst in a DMP?
Debts are over y6 years old and not on credit file.
If I decided to manage the creditors myself, and leave PayPlan
Technically would no long be in a DMP, but still paying the low amount each month to keep court action away.
But would any lenders ask about any debt outstanidng over 6 years old?
THanks
Debts are over y6 years old and not on credit file.
If I decided to manage the creditors myself, and leave PayPlan
Technically would no long be in a DMP, but still paying the low amount each month to keep court action away.
But would any lenders ask about any debt outstanidng over 6 years old?
THanks
0
Comments
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Lenders ask about any and all debt, age of that debt is irrelevant. Failure to disclose that debt is mortgage application fraud and has serious consequences.freddie2020 said:Is it possible to get a mrotguage whilst in a DMP?
Debts are over y6 years old and not on credit file.
If I decided to manage the creditors myself, and leave PayPlan
Technically would no long be in a DMP, but still paying the low amount each month to keep court action away.
But would any lenders ask about any debt outstanidng over 6 years old?
THanks1 -
Mortgage lenders care about unsettled defaulted debts, that doesnt matter if its a DMP or payment arrangements. They will see the payments to a DMP firm or debt collectors on your bank statements and know exactly what they are.1
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I’ll move this to the mortgage board.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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You can get a mortgage with a DMP. Rates will likely be higher.
It really depends on what the lenders asks:
Are you in a DMP or have you been in a DMP are very different questions.
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.2 -
Thanks for the reply,ACG said:You can get a mortgage with a DMP. Rates will likely be higher.
It really depends on what the lenders asks:
Are you in a DMP or have you been in a DMP are very different questions.
Currently in a DMP ahout 25% paid off.
If I part settled all the debts, how long does a lender ask - if have ever been in a DMP?0
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