Remortgage when on a DMP

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Joanne.Sn
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by Joanne.Sn » Thu Jan 14, 2010 10:39 am
Could anybody tell me if you can get a remortgage when you are on a DMP as our fixed rate is up in March and we would like to if possible change our lender.Thanks.Jo.[:)]

 

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size5
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by size5 » Thu Jan 14, 2010 11:21 am
There are too many imponderables in that question to be able to give a straight yes or no answer, but it is certainly not impossible.

Why don't you give Welshboy a call, this is more his field, his details are on the left in the experts section, and he can cast an expert eye over it for you.

Regards.

 

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Michael Peoples
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by Michael Peoples » Thu Jan 14, 2010 11:46 am
If you are in a DMP your credit file will be damaged and any mortgage products would be at sub prime rates. Depending on your current mortgage lender it may be better to remain there as the rate you may go after your fixed deal is over could be the best deal available to you.

 

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Joanne.Sn
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by Joanne.Sn » Thu Jan 14, 2010 11:49 am
Thanks that has helped alot.Jo.

 

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Andrew Graveson
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by Andrew Graveson » Thu Jan 14, 2010 12:37 pm
Hello Jo,

The impact on a persons credit rating resulting from a debt management plan varies widely from case to case. A debt management plan in itself does not appear on the credit file; everything depends upon what your creditors have reported to the credit reference agencies about the payments on each account.

As previously mentioned a mortgage broker will be able to research the market for you based upon your unique circumstances.

 

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Joanne.Sn
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by Joanne.Sn » Thu Jan 14, 2010 1:03 pm
Thankyou Andrew with your reply we will be looking into this matter very carefully before we do anything.Jo.

 

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MelanieGiles
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by MelanieGiles » Thu Jan 14, 2010 3:54 pm
I am afraid that Welshboy (Tony Parsons) has been forced to give up work due to ill-health. I am currently talking to another couple of mortgage brokers about the possibility of brokering sub-prime lending, and if I can find anyone who is prepared to take on insolvency based clients I will encourage them to join the forum as an expert.

 

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kallis3
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by kallis3 » Thu Jan 14, 2010 7:33 pm
I am so sorry to hear that about Tony. I hope he will get better.

He has been an invaluable source of information and help to posters on the forum.

Good luck with finding someone Mel. Look forward to seeing another mortgage broker willing to help those of us in difficulty, posting on the forum.
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