DMP and getting a mortgage

lisa-r_4

Obviously I wouldn't want to do this today, but I was wondering if I would ever be able to obtain a mortgage with my partner while on a DMP? Even it was just in his name, would he be able to use my "rent" money towards his income?

rayday2

I remortgaged a couple of months ago and have been on a DMP for 2 years. There will always be mortgage products around but they do tend to cost a little more.

The sooner you start your DMP the further in the past any defaults will be so the less effect they have the older they are if that makes sense.

My mortgage was with Chelsea Buidling Society and at a rate of 6.34% fixed for two years if it helps you debate!

lisa-r_4

Thanks Rayday. I'm in such a state just now, with so many questions bombarding my brain!

I wondered about that because I thought a mortgage lender might say that if i'm unable to pay my debts then how could I possibly pay a mortgage? We don't currently have one you see.

rayday2

It is fine to have so many questions shows you are thinking.

You may struggle on the high street to get mainstream companies but there are always mortgage companies out there that offer products, the way things are going in this country more and more people are going to be classes as "adverse credit" so companies will need to borrow to these people.

When I spoke with Chelsea they regarded the fact I had stopped borrowing and took out a DMP to be a sign of me being responsible and realising there was a problem and ending the borrowing cycle.

So the number of products on offer to you will be less but not impossible. Hopefully by the time you look round the whole countries finances would have rallied a bit too.

mummytofour

Wow ray thats a good rate.

rayday2

People have told me that since at the time I thought it was pretty expensive but thats the difference a couple of months makes I guess. To be honest I was more impressed with how they treated us, Halifax the week before were awful they asked us to come in and I told them our position exactly. She sat us down did one quick credit check and escorted us out within seconds - very rude!

lisa-r_4

Ahh, that makes perfect sense actually. Thanks Rayday, as always! Because my dad is always on at my partner and I to buy his house, I was getting all upset for a minute that we might never be able to do so as a result of my actions. I think that's probably the 10th time this week you've managed to stop my blubbering!

rayday2

No problem honestly you are on the right board with any worries just voice them there is a solution or another perspective there just waiting for you. I think when you consider a DMP you think of it as a bit of a bad thing to do when really the worst thing you could do is another form of credit (wish I had learnt this years ago!) but for years we have been told to borrow again consolidate etc etc

lisa-r_4

I know, that's so true. I only wish we could all turn back the clock and rewrite our financial undertakings!

I seriously don't know what i'd do without this board. I'm an emotional wreck at the moment, and if it weren't for all your help and support I think I might have cracked by now! Thanks for keeping me sane amidst all my current chaos. I'm leaving for holiday in a couple of days, and hope you'll see a much more confidant, future optimistic, un-basketcase me on my return.

rayday2

You sound like you need that holiday.

You know its not irresponsible not to worry, worry doesn't stop things happening. Try to take it step at a time, you are tackling things and that is good, you are asking questions and that is fab but you need to be kind to yourself too.

Mine will be either a straw donkey or stick of aniseed rock not fussy lol!

lisa-r_4

LOL!! I tell you, for all the help, encouragement and inspiration i've gained from you recently, I think you might even warrant some PERSONALISED rock if you play your cards right!