Take our simple Quiz to find out if you qualify for a Debt Management Plan mortgage; it only takes a few minutes & there’s no credit check.
Entering a debt management plan can be an effective way to take control of your debts and improve the health of your finances. If you’re currently in a DMP or have recently left one there will be some impact on your ability to get a mortgage or remortgage. This doesn’t however mean it will be impossible.
If you've been wondering “does a debt management plan affect your mortgage” then talking to a specialist DMP mortgage broker, such as the team at Simply Adverse can help to answer that question. Working with us means that you’ll have access to many more mortgage deals. These include deals from DMP mortgage lenders, and deals that you won’t find anywhere else.
We specialise in helping mortgage applicants with an adverse credit history. At Simply Adverse we understand what a debt management plan is, and how it impacts on your ability to find a mortgage. We find mortgages for people like you every day.
Simply Adverse has a simple, tried and tested process designed to make getting a mortgage with a DMP stress-free. Our team of case managers, pre-underwriters and professional advisers work together to support you through your mortgage application.
Rather than worrying about the question ‘can I get a mortgage whilst on a DMP?’, contact the team at Simply Adverse today and take advantage of our mortgage advice. There are no upfront costs, and you may be surprised at the great deals we can find you.
A debt management plan lets you pay off non-priority debts at a rate that you can afford. Non-priority debts include personal loans, credit card or store card debts, payday loans and overdrafts. A debt management plan can’t be used to pay off priority debts such as fines, utility bill arrears, child support, and mortgage payments or rent.
With a debt management plan, you make one monthly payment which is then divided among your creditors to pay off your debt.
If you find yourself struggling with debt, a debt management plan can be an ideal solution. It can help you to reduce your monthly outgoings and interest rates, as well minimising the risk of more major debt problems such as defaulting on loans or being declared bankrupt.
You can arrange a debt management plan through a variety of organisations, including those offering free debt advice and fee-paying providers. Whoever you decide to approach to draw up your debt management plan, they must be authorised by the Financial Conduct Authority. You can check the financial services register online.
When you arrange a debt management plan through a DMP provider, you won’t need to deal with your creditors yourself, which can take some of the stress out of the situation. A DMP is not legally binding so you can cancel it at any time.
While you should take professional advice to ascertain whether a DMP is suitable for you there are a few points to consider that may help you decide.
A DMP may be for you if: -
However you should also bear in mind: -
A debt management plan can affect your ability to find a suitable mortgage deal.Firstly it can make it harder as the monthly payment that you are making to cover your non-priority debts will, together with your other financial commitments, inevitably reduce the amount of your disposable income, in other words a lender may feel that you won’t be able to afford any monthly payments.
A debt management plan will also affect your credit report. While a DMP is not recorded on your file as a separate item, creditors should add a ‘flag’ to your account to indicate that your repayments are part of a DMP.
If you’re thinking the time has come to buy a house, or you’re thinking about remortgaging your current property, it is possible to find a deal. Lenders will take into account multiple factors when it comes to making a decision about your application.
With so much to consider it can be difficult to assess whether you are likely to be able to find a mortgage or remortgage or work out how much you may be able to borrow.
Taking our quiz is the first step in understanding your chance of finding a mortgage. Once you’ve taken our quiz, you can talk to one of Simply Adverse’s experts. We’re available 7 days a week to discuss finding a DMP mortgage lender in the UK.
Simply Adverse is a nationwide, whole of market mortgage broker that provides specialist, professional services for clients with an adverse credit history. We help connect mortgage applicants with DMPs to bad credit mortgage lenders and DMP mortgage lenders.
If you are in a DMP, or have a recently satisfied debt management plan, and are concerned that this will prevent you finding a mortgage then we can help.
We Take The Strain
Why take on all the hard work of applying for a mortgage with a debt management plan when you can ask us to do it on your behalf. Simply Adverse work on your behalf to find a competitive mortgage deal for your particular circumstances.
Don’t Pay Until an Offer is in Place
We won’t ask you for any upfront payment. When you choose to use Simply Adverse you won’t be charged anything until a formal mortgage offer is in place. This gives you the option to walk away at any time.
Take the DMP Eligibility Quiz
The excellent Simply Adverse service includes our DMP mortgage eligibility quiz. This is a great tool for discovering your position in relation to getting a mortgage.
Getting a mortgage with a DMP is not as easy as getting a mortgage with good credit, but with the expert advice from Simply Adverse, the whole process can be made much easier. No matter your exact circumstances, we are fully Cemap qualified to provide advice on your mortgage search.
Choosing Simply Adverse as your DMP mortgage broker gives you access to a much greater number of lenders than you may find on the high street. When you have an adverse credit history this access to multiple lenders can help you find a deal when otherwise you may fail to.
As we are a whole of market mortgage broker we work with not only adverse credit friendly mortgage lenders, but also niche lenders and high street lenders. Simply Adverse also has access to broker only deals. The main mortgage lenders that we work with, are: -
For more information about the mortgage lenders that we work with at Simply Adverse, you can contact our expert advisers 7 days a week.
If you’ve been concerned that a current or past debt management plan means that you won’t be able to find a mortgage or remortgage deal, let Simply Adverse do the work for you. We have years of experience finding competitive deals with the best rates for people just like you. There is no need to struggle alone.
Join the hundreds of homeowners who have used our 5-star rated mortgage broker service, designed specifically for applicants with an adverse credit history. Pick up the phone or request a callback today and start your journey to a great mortgage deal.
Disclaimer
All content on the Simply Adverse website is believed to be accurate at the time of publication. However, this is a fast-moving sector and lender criteria and policies change regularly. For this reason, we always recommend that you speak to one of our brokers for the most up to date information.
Articles can only ever provide general information and do not constitute financial advice. Our mortgage brokers are fully regulated by the Financial Conduct Authority, and it is only by speaking to them that you will receive advice and information tailored to your individual circumstances. Your home may be repossessed if you do not keep up with repayments on your mortgage.
You should always think carefully, and seek professional advice, before securing other debts against your home or releasing equity from your home.
Complaints
In the event of a complaint, please contact Simply Lending Solutions Limited who are our Principal firm and are therefore responsible for investigating any complaints made against us. They can be contacted either in writing, by email or by phone. For contact details and to read the complaints procedure, click here.
