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Forum→Debt, Arrears & Credit Files→Getting a Mortgage after a DMP

Getting a Mortgage after a DMP

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29/06/2021 - 2:16 pm

Hello, wondering if you could advise please. I’m currently in a DMP and hope to finish paying it in September (2021) I have no CCJ’s but I do have defaults that have only happened since I have been in my DMP. Once the DMP is settled in full, how quickly am I likely to be accepted for a first time buyer mortgage, and what sort of loan to value % should I be expecting? I know interest rates will be higher. Thank you!

Guest

29/06/2021 - 2:17 pm

Hi, thanks for getting in contact.

A mortgage is likely to be possible any time between now and the end of the plan so long as you've kept up to date with it.

When the time comes I would expect a deposit of around 20% to be required depending on the exact details unless you were to use a scheme such as Help to Buy.

Guest

29/06/2021 - 2:18 pm

Thank you for the speedy reply! That’s good news, thanks very much for the info.

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