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Remortgage on DMP
Decked
Posts: 48 Forumite
Just wondering what experience people have had when applying for mortgages on a DMP.
I am just over 2 years in on a DMP, originally £58k, now down to £36k. My mortgage is for £140k with LTV at 70%. Never missed a payment or had a late payment on my mortgage. It is with Nationwide and we have come off a fixed rate deal a year or so ago and think it would be right for us to get another 5 year deal which would only cost about £15 a month more than we are paying now. I am worried that if I alert them to my situation by applying, I might rock the boat and open a can of worms.
The plan is to have the DMP cleared in just over 2 years so having the stability of the fixed rate would let me plan and rebuild my finances for the future.
Any help gratefully received.
Thanks
I am just over 2 years in on a DMP, originally £58k, now down to £36k. My mortgage is for £140k with LTV at 70%. Never missed a payment or had a late payment on my mortgage. It is with Nationwide and we have come off a fixed rate deal a year or so ago and think it would be right for us to get another 5 year deal which would only cost about £15 a month more than we are paying now. I am worried that if I alert them to my situation by applying, I might rock the boat and open a can of worms.
The plan is to have the DMP cleared in just over 2 years so having the stability of the fixed rate would let me plan and rebuild my finances for the future.
Any help gratefully received.
Thanks
0
Comments
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i THINK that you can change to a nationwide fixed product without reapplying, affordability or credit check.
You may want to double check this on the Mortgage board.£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
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Cheers Andy, I will have a look0
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Hi Can I suggest an independent Mortgage broker ? They can help find the best deal for you or simple help by telling you to stick with Nationwide.
Paid off all Catalogues 10.10.20140 -
Just a bit of an update, I used Nationwides online switching service and have secured a 5 year fixed rate deal, with no complications, a really simple process. This now gives me the stability I need to clear off my DMP.
I don't think going to a new mortgage broker would have been very successful with so many defaults in my name. Andy you were right, they don't seem to have done any further checks at all.
Obviously can't guarantee it would be the same for others but worked out well for me.0 -
Ah thats good to know decked, it pretty much confirms what i thought was the case, if you are a NW customer coming to the end of your deal, you can go onto a new deal really easily. Nice one, i am waiting to do this in july, just need to decide between the 5 or 10 year fix!£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
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