Debt management plan?
Can I still get a mortgage if I have a debt management plan?
Asked on Jul 28 2011,
Home Finance in Chorley |
I'm not a finacial expert, but I would of thought in these challenging times, that it would be difficult for you to obtain any further borrowings at the moment. Each case of course is individual, but most people in a DMP, are there because they were unable to meet the full payments required on their financial commitments. Of course, you and many others in a DMP have not ignored your debts, and have shown a responsibility to repay them, albeit at a reduced monthly amount, but i doubt that a mortgage lender will be keen to lend to you at the moment - not unless your loan to value (LTV) is small. Please speak to a Financial Advisor for free advice, all said and done whats the worst they can say.
Answered on Jul 30 2011,
The simple answer is yes, maybe! As the earlier responder says, it does depend on things like income, LTV, how well you are managing the plan, how long it has been running, etc. It is not possible to buy a house without a deposit so the Plan Manager would be interested to know how you have been able to raise the deposit, which might otherwise have been used to clear your debts!
Answered on Aug 18 2011,
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