Shared ownership mortgage... With a dmp??

[sickoffootball]

I'm looking for some advice from anyone who has been in a similar position .....

I am currently renting... Have been for 12 years 😟 I am also 3 years in to a dmp. Do I Stand any chance of getting a shared ownership mortgage ?.. I work full time and my salary is above average ... I would just about be able to raise the 5% deposit.
Thanks in advance

What's a DMp?

Sorry... A dmp is a debt management plan... An agreement to repay creditors usually with no interest

Oh thanks x

Good luck x

Does your dmp show on your credit rating? If it's one that affects it for the 6 years then I think you are better waiting till after it finishes... I have something similar debt wise and I have been advised this and also when it is time to try for a mortgage to go to a mortgage broker rather than directly to a bank or similar.

I’m in the same boat (but without the hope of owning )
I think the dmp would argue that you should use that 5% deposit to pay off the debt.
Have you offered the debtors a silly sum to clear the debt? E.g you owe £10,000 they might let you pay £7000 to write it off?

How long have you got left of your dmp? There is another way if your car is worth less than £4000 (I think) where they again write off a huge chunk (it’s not an iva but it has got another name).