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Mortgage With A Debt Management Plan (DMP)
Are you concerned you will be turned down, or have you been refused already?
We know the lenders that will accept mortgage applications for people with Debt Management Plans and we know the lenders don’t!
We are experts who want to help you get your mortgage approved.
It won’t cost you a penny if we can’t help you.
Our specialist mortgage advisors can help.
Debt Management Plan Mortgages
If you have had to enter into a debt management plan (DPM) you may have found it difficult to be accepted on a mortgage application.
The key to being accepted on a mortgage is to find the right mortgage lender.
At A Little Mortgage Advice we can help find you a mortgage to fit your circumstances as we have access to the whole market.
How We Can Help
As a specialist independent mortgage advisor we work with lenders who specialise in mortgages for those with a debt management plan.
There are a wide range of specialist lenders with specific eligibility criteria who may suit your circumstances.
Our team at A Little Mortgage Advice will discuss your situation and advise you on the best solution for you to proceed with a mortgage.
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We are specialist independent advisors. This means that we work with all lenders and search the whole market to find you the correct mortgage product.
As a small independent company you will be speaking directly to a mortgage advisor. We dedicate the same time to every client.
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Mortgage With A DMP
HOW TO GET A MORTGAGE WITH A DEBT MANAGEMENT PLAN
If you are looking to get a mortgage with a debt management plan the first step is to speak to one of our specialist mortgage advisers. We will have an initial chat with you and ask you general and specific questions about your circumstances.
Once we have all the information we need from you, we will start to match your unique circumstances to a lender who is more likely to accept your application. The reason we can do this is because we are mortgage criteria experts. Each lender has different criteria, this is what we specialise in, its like a puzzle, but we do the same puzzles every day.
If there are a few lenders who we believe will accept your mortgage application then our experienced team will always approach the mortgage lender with the best interest rate for your circumstances.
Not all brokers are as experienced as us. They could potentially make your credit score worse by approaching lenders in the hope that they might accept you, these lenders are likely to run credit checks on you which will be visible to other lenders and lower your credit score.
*It is advisable not to get in touch with lots of Mortgage Brokers at the same time
A Little advice mortgage brokers will not approach a mortgage lender until they are confident that your application fits with their mortgage lending criteria.
CAN I GET A MORTGAGE AFTER A DEBT MANAGEMENT PLAN?
Yes, depending on, how many creditors are in the debt management plan, the balance of each debt, the time you have been in the Debt Management Plan and your conduct of it.
Once you have made 12 consecutive payments on time and you are able to prove this with a statement, there are specialist mortgage lenders that will consider your application.
Using a Specialist Mortgage Broker will hugely improve your chances of getting a mortgage with a debt management plan. An adverse credit mortgage broker has knowledge and experience of getting mortgages for people with a debt management plan in place, or one that has been recently cleared.
Here at A Little Mortgage Advice, we know each mortgage lenders criteria inside out, we have access to every lender in the UK. We know the lenders that are more likely to accept your mortgage application.
Your Mortgage Advisor will need to put a rationale together explaining what your circumstances were leading up to the Debt Management Plan and how you will be able to maintain your mortgage moving forward.
CAN I REMORTGAGE WITH A DEBT MANAGEMENT PLAN?
Yes, it’s the same as getting a mortgage with a debt management plan.
The lender will want to know if you are adding your debt to the remortgage to clear the balance outstanding, or if you wish to keep your debt management plan separate and continue paying it, in this instance the lender will factor your monthly debt management plan into the affordability of the remortgage.
WILL A DEBT MANAGEMENT PLAN RUIN MY CREDIT SCORE?
It will affect your credit score because it will be recorded on your credit report and be visible for 6 years.
Depending on when you started the debt management plan. If it’s a brand-new plan and you have only recently started making payments, what affects your score is that every lender that is being placed into the debt management plan will eventually put your account into a default status unless you clear their debt before it reaches this stage.
It is not just the debt management plan that affects your score it’s the fall out from your previous creditors because you will not be making the minimum contractual payments each month, therefore, your account will be falling behind and your credit report will be marked with missed payments.