DMP and getting a mortgage

Jvic28

rayday2 wrote: »

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!

Did you get that mortgage rate with a bad credit score then? That seems good. I'm sure mine is 7%+ with Leeds Building Society.

Edit: Just read your comment properly. That is a good rate considering you're well into your DMP. I hope when the time comes I can remortgage and find something at a better rate. Mine is killing me at the moment.

rayday2

I think I read somewhere that the best fixed rate deal halifax were doing was 7% + so probably not that bad I guess I must have for once in my life got my timing right! Makes a first!

Jvic28

Mine isn't fixed rate. After my 1st year my payments went up, figure that one out. I had a leaflet saying that I could benefit from a drop in inerest rate or continue paying the higher payments (which would be classed as overpayments) I called and even though it dropped the payments it's still more than I was paying last year. Also, I'm paying interest only at the moment (I had no other option). It's killing me. Near £500 a month and I'm only paying off interest. I hate it.