Getting a mortgage?

[Settingthebarhigh]

Ok so I have a poor credit history (no child maintenance provided) however have been in a DMP for 10 months and am trying really hard to get my credit score up and being diligent on what I spend.

Has anyone else managed to get a mortgage under these circumstances? My partner has immaculate credit history so it would be a joint mortgage - I know things will be different at the moment but am I being unreasonable to hope for some sort of offer?

Your credit rating with a joint mortgage may effect offer or interest rate you are offered.

Could he get the mortgage just in his name to help get you a better off? Do you have any savings/deposit to prove you are less of a risk?

What's a DMP?

And what is your credit score with Experian?

DMP - debt management plan - sorry!

Can you find a mortgage broker to help you with your options? Ours was fab and although you do pay a fee, it was well worth it for the money we have saved, long term and on mortgage fees/legal fees.

Do you have any CCJ's or recent defaults? I know some lenders will lender once you have been in a DMP for 12 months, providing you can evidence you've met all the agreed monthly payments

My friend has a DMP, she's refused basically all credit. Their mortgage had to be solely in his name or they couldn't borrow the needed amount, was only around £70,000.

I'm not sure you're allowed to take on more debt whilst on a DMP. How long do you have until everything is paid off?

I'm sorry but I would be really surprised if any lender would give you a mortgage in those circumstances, and if any did you might find that the interest rate is absolutely awful such that it makes no financial sense. You might be better waiting a couple of years and trying something like a credit building credit card first.

It would really surprise me if they would lend, especially now. I think borrowingg is going to be harder

A friend's child had a CCJ against them for an unpaid bill and still got a mortgage. They went through a broker and only 1 provider offered him a mortgage, at higher interest rates than he would have been eligible for had he not had the CCJ. However, since it was his only option, he accepted it and, hopefully, he'll be able to improve his credit rating in a couple of years and apply for a different rate / switch providers when his initial mortgage deal comes to an end.

Why don't you go through a broker and see what the difference is between your other half applying for the mortgage alone, and then with you?

Highly unlikely as you're recently in a DMP, 12-18 months into it, you might find a sub prime lender who will offer but it will be sky high

I had a short default of £135, almost 2years before the mortgage and could only find 1 lender offering about 5% interest. The difference between that and other normal lenders was £100 a month on a mortgage of less than 100k.
So it's highly highly unlikely and will cost you a fortune if you do find one

Precise who is one of the big lenders who lend to adverse credit advises a dmp of 36 months or older. And these guys accept you with a CCJ. Their rates hover around 4.5 to 6%

I echo it will be very unlikely you will find a lender who will accept a DMP that new or if you do its likely to be 8/9%

Not with such a new DMP, sorry.