Hi, me and my husband are in a joint DMP and have been for 3 years. We have defaults and they will be over 24 months old in a few weeks. Our DMP payment is £1k per month. We have a 15% deposit (part saved and part gifted) and looking to get £280k mortgage. We earn approx £78k between us with annual bonus on top of about £15k. Are we realistic in thinking we can get this achieved? Many thanks
It is realistic although the affordability will make it tougher than the adverse credit. How much is left on the DMP?
Thank you fir the reply. We have approx £70k left on the DMP
Ok then, so this will need to be factored in as obviously clearing it would be at a cost.
Its going to be tight with any other commitments, ages and consistency of annual bonus playing key roles.
You will almost certainly require an experienced broker and well worth checking both of your credit files are completely up to date and reflect the missed payments/defaults.
Upon entry to a DMP the creditor should default you then although it is not unheard of for them to instead leave a 6 and getting any errors corrected early in the process will make for a smoother mortgage application.
All the best
Thanks very much. Credit files are all defaulted or show as up to date and being paid as part of DMP. There are no missed payment markers for last 12/18 months. Everything is included in the DMP. There are a couple of credit cards that have been paid off via the DMP but all have zero balances. Bonus has been consistent for past few years and show on p60’s. Thanks for your time in replying