Will we get a mortgage on a DMP?

tingworthy

Hiya guys'n'gals,

we are in debt big style. We owe out 160k, our house is worth around 120K.
We owe 85K on our mortgage and 35K on a secured loan. The rest of the debt is credit cards and overdrafts. My wife and I both work F/T, out income is around 50k p.a. We have been liasing with CCCS and are in the process of setting up a Debt Management Plan.

After talking to my wife's parents (who are also skint), we have decided that we would like to sell our house, they would sell theirs, and we would all move in together into a larger house. The house we are looking at is 200k, there house is worth 110k.

Would we still be able to do this if we were on Debt Management Plan?
Is there anything we need to know before we even start thinking about this?
Have any of you guys got any useful tips, advice, anything at all to offer?

We all get on great and the house has plenty of room including a kind of self contained area for my in-laws. We have informed our creditors of our siruation and contact with CCCS, though the DMP is not actually up and running yet. Do you think this could happen in financial and practical terms?

If anyone has any advice it would be greatly appreciated.

Thanks
tingworthy.

m00m00

at the moment in the current credit environment it would be very very difficult but not impossible. You are probably better off asking this in the mortgages forum, where many a mortgage advisor lurks, who will have a good idea about the current marketplace.

A large deposit will obviously helps, but I would expect the interest rate to be punitive.

tingworthy

Thanks for that m00m00,
i'll copy and paste it into the mortgage bit.
Ta
tingworthy