Securing a Mortgage While in a DMP – Debt Management Plan

Get in Touch

[]

1 Step 1

Home » Securing a Mortgage While in a DMP – Debt Management Plan

Introduction:

Securing a mortgage while in a Debt Management Plan (DMP) can be a challenge. However, with the right expertise, it is possible. This article explains how we achieved a successful application for a mortgage. The money from the mortgage would be used to pay off the DMP Payplan, and fund home improvements.

The Challenge:

Recently, a client approached us for help. He needed a mortgage but didn’t think it would be possible. Due to previous financial setbacks, he had enrolled in a Debt Management Plan (DMP). Initially, his problems started with missed payments, then spiralled into defaults on several loans and credit cards. After which, he made a decision to go into a Payplan arrangement. The client wanted to re-mortgage his property. Then use the equity to clear his outstanding DMP and finance some home renovations.

The Solution:

As a specialist mortgage broker, I was able to navigate this complex situation. The key factors in our favour included:

Good Income: The client’s current income ensured that affording the mortgage was not an issue.
Substantial Equity: He had significant equity in his property.
Solid Recent Credit Behaviour: No missed payments in the DMP over the past 12 months and good credit behaviour since entering the DMP.

Despite the extensive requirements by lenders in these type of cases, I prepared a bullet proof case and submitted the application. After a few weeks, we received a full mortgage offer, enabling our client to:

Pay Off the DMP in Full: The mortgage covered the outstanding balance of the DMP.
Fund Home Improvements: Additional funds were secured for the essential home renovations.

The Outcome:

The client was overjoyed with the outcome. He admitted he didn’t expect to secure the mortgage. Making his satisfaction even greater. This success story highlights the value of a specialist mortgage broker that knows how to place a mortgage with historical credit problems.

The Conclusion:

Securing a mortgage while in a Debt Management Plan is possible. You just need a broker that knows what they are doing! If you face similar challenges, contact us today to see how we can help you in achieving your financial goals.

You can find further information on Debt Management Plan’s with citizens advice.

Latest Post

How I Helped a Dentist Secure Financing for a New Dental Practice Purchase

11 August 2024

Securing a Mortgage While in a DMP – Debt Management Plan

23 July 2024

Discovering Possibilities: Purchase a Dental Practice with No Cash Down Through Refinancing

5 March 2024

Click here to access your credit report

Fifty Nine Financial Limited are not responsible for the accuracy of the information contained within the linked site.

Don't just take our word for it

Client Reviews

Ross and Ian Our 1930s Fixer Upper

Gavin has been a star for us over the last 6 years, we’ve re-mortgaged a couple of times and also moved house, every time he has found us the best deal possible. He doesn’t stop working for you, replacing deals last minute if a better one comes on the market and we could not ask for anything more to be honest. Slick, professional and puts his clients interests first. Thank you Gavin and Nicola and speak to you in 2 years once the mortgage needs reviewing!

Ocean Blue

I highly recommend Fifty Nine Financial. Gavin has provided an excellent and professional service over the years. He has found me the best deals on my buy to let mortgages, my own mortgage and life insurance. I wouldn’t use anyone else.

David Grocott

First involvement with company but not my last. Made everything easy to understand and gave me peace of mind in dealing with different financial matters. Always available and quick to respond to any queries raised. I would definitely recommend

Simon Clark

I couldn’t be happier with the service I received from Gavin. I was recommended to him by another client of his & I can see why. He sorted out our insurance needs quickly & efficiently & made sure it met our needs & budget. On a couple of occasions where I’ve had to contact him for clarification of my policy when I changed my job he responded promptly to acknowledge my message and answered the query the next day even though I’d made clear it wasn’t urgent. I’ll use his services again for sure when we review our insurance.

Scott Carpenter

Gavin and the Team at Fifty Nine financial are fantastic. They took all the stress out of getting a mortgage. They have great communication links with all the providers so can talk to them directly. This makes the whole process so much easier. I really didn’t need any stress whilst trying to arrange my mortgage and with Fifty Nine Financial I didn’t get any. I only had to send some standard details and they arranged everything. Their communication was brilliant, even outside normal working hours. Nothing was too much trouble. I could not have done this without them. They put customer service first and truly deliver on it. Brilliant.

Useful Links

Business Details

The content of this website is not tailored for any individual and does not constitute financial advice.

Fifty Nine Financial Limited is authorised and regulated by the Financial Conduct Authority. Company number 06956191. We are a credit broker, not a lender. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature of any commission model can be confirmed to you before you proceed.

Fifty Nine Financial Limited is entered on the Financial Services Register under reference 824265.
Registered Office – 59 Grange Road, Alvaston, Derby, DE24 0JY

Cookie Policy(function (w,d) {var loader = function () {var s = d.createElement("script"), tag = d.getElementsByTagName("script")[0]; s.src="https://cdn.iubenda.com/iubenda.js"; tag.parentNode.insertBefore(s,tag);}; if(w.addEventListener){w.addEventListener("load", loader, false);}else if(w.attachEvent){w.attachEvent("onload", loader);}else{w.onload = loader;}})(window, document);