SPECIALIST ADVERSE CREDIT MORTGAGE ADVICE
Worried your credit history could affect your mortgage? Our specialist advisers can help you understand your options.
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Being on a debt management plan does not automatically rule you out of a mortgage. High street lenders tend to decline applicants on an active DMP, so a specialist broker usually makes the difference. Specialist lenders regularly consider active and settled DMPs. What may be possible depends on whether the DMP is active or settled, how long it has been running, your conduct through it, your deposit, and the underlying defaults or arrears on your credit file.
A debt management plan is an informal agreement with your creditors, usually arranged through a provider like StepChange or PayPlan, to pay back what you owe at a reduced monthly rate. The DMP itself is not registered as a formal insolvency, so it does not appear on your credit file as such, but the defaults and missed payments that led to it almost certainly will.
That is the part lenders are reviewing. A specialist broker places your case with a lender whose criteria fit your underlying credit picture, your deposit and the state of the plan. Applying to the wrong lender first adds hard searches to your file and makes the next application harder, which is why case placement is where a broker’s experience earns its keep.
We talk through your situation and goals. No obligation, no credit mark.
We assess the specifics and everything else lenders will want to know.
We target the specialist lenders whose criteria fit your case.
We package the case, submit it and guide you through to offer.
Adverse credit mortgages are not a sideline for us. Cases involving CCJs, defaults, IVAs, DMPs and bankruptcy discharges are a core part of what we do, and we have helped thousands of clients through them.
You will work with qualified, named advisors who explain things honestly, including when the timing is not yet right. We would rather give you a straight answer than send you towards a rejection.
In many cases, yes. Specialist lenders consider mortgage applications from borrowers on an active debt management plan, provided the plan is being maintained and the rest of the picture fits. High street lenders usually decline during an active DMP. Acceptance depends on deposit, conduct and the underlying credit file.
There is no fixed waiting period. Some specialists will consider an application immediately after a DMP is settled, others prefer six to twelve months of clean conduct afterwards. The underlying defaults and their age usually matter more than the gap since the DMP closed.
The DMP itself is informal and is not registered as a formal insolvency, so it does not appear as a labelled entry. The defaults, missed payments and arrears that led to it almost certainly will, and those are what lenders assess.
Deposit requirements vary by lender and situation, but as a working guide, 15% or more opens meaningful specialist options and 25% or more opens the strongest ones. The larger your deposit, the better the rates and the wider the lender pool.
Specialist mortgage rates tend to sit above mainstream rates because lenders price for the additional risk. As the DMP recedes into the past and your credit conduct stays clean, remortgaging onto a better rate later is often possible.
Specialist remortgages for borrowers on an active DMP are possible, usually subject to the plan being well maintained and the equity position supporting the deal. Capital-raising remortgages during a DMP are harder, though still worth looking at with the right lender.
No. An initial conversation and a look at your situation is a soft enquiry and leaves no mark on your credit file. A hard search only happens later, with your permission, when you formally apply to a specific lender.
Our office is in Nottingham, at Park Lane Business Centre, NG6 0DW. You do not need to visit. We help DMP mortgage clients right across the UK by phone, email and video.
A short, free conversation is the quickest way to find out where you stand. No pressure, no jargon, and no mark on your credit file.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
My Mortgage Specialist Ltd is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 1002905, an Appointed Representative of TMG Direct Limited (FRN 786245) which is authorised and regulated by the Financial Conduct Authority. The guidance contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
Some types of buy to let mortgages are not regulated by the Financial Conduct Authority. As a mortgage is secured against your property, it could be repossessed if you do not keep up the mortgage repayments.
