At View Finance Ltd - Derby We deal with DMP enquires every day satisfied and unsatisfied and yes it is possible to get a mortgage
What is a DMP?
A Debt Management Plan (or DMP) is a solution to help you manage your debts and make them more affordable for you month to month. If you find yourself struggling to meet the repayments that you have previously agreed to, a DMP could be the right tool for you.
DMPs unfortunately are not suitable for everyone. You will have to create a budget for your general necessities e.g. food, transport, utilities, and if you can still afford to make debt repayments after that then you will mostly likely be able to qualify. It is highly important that you stick to your set budget as with a DMP you will struggle to obtain a good credit rating.
To apply for a DMP you will have to contact a debt advice organisation. If you are unsure of which way to go, speak to an adviser today about what your options could be.
Can you still get a mortgage with a DMP?
It is possible to get a mortgage with a current Debt Management Plan – or a recently completed one – however it will be a lot less straightforward. The likelihood of a lender accepting your application will be reduced, although it is important that you do not give up if you are turned away by high street lenders.
There are specialist lenders in the market who will provide mortgages for those struggling with credit issues. Speaking to a mortgage adviser will help you to find the right lender for you. They will focus on your individual circumstances and gain an overall view of your financial situation rather than declining on the basis of you having a DMP. It is not a guarantee that with the help of an adviser you will be able to get a mortgage, however your chances could be improved if someone with knowledge and experience is looking for the best option for you.
