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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Specialist lenders consider mortgage applications from Sheffield borrowers on an active or settled DMP every week. The question is which lender fits your specific picture: the age of the plan, the underlying credit entries, your deposit size, your income stability and whether the plan is well maintained. A specialist broker does that matching.
Sheffield borrowers come to us from across South Yorkshire. We know the city’s specialist lender appetite, from first-time buyer flats near the city centre through to family homes in Dore, Totley and the suburbs. A DMP sits in a different category to an IVA or a bankruptcy. It is not a formal insolvency, it is an informal arrangement with your creditors, usually set up by a free provider such as StepChange, PayPlan or Christians Against Poverty. The plan itself is not labelled on your credit file, but the underlying defaults and arrears that pushed you into it are what lenders will be reviewing.
Where this gets technical is lender appetite. One specialist lender will accept an active DMP of 24 months with a 15% deposit; another wants settled only; a third accepts active plans but weights the deposit requirement up to 25%. Nobody publishes this on their website. A specialist broker who places DMP cases weekly knows which lender fits which situation. The Sheffield market, with its mix of Victorian terraces, 1930s semis and modern suburban developments, suits a wide range of specialist lender criteria.
A short, free chat about your situation. Soft enquiry only, no credit file mark.
We look at the detail: income, deposit, credit file, property, timing.
We identify which specialist lenders fit your specific picture.
We package the case, submit, and keep you updated through to offer.
Specialist mortgage cases are our main work. CCJs, defaults, DMPs, IVAs, bankruptcy discharges, non-standard income, complex employment, non-standard construction. The cases high street lenders decline are the cases we see every week.
Clients get qualified, named advisors and honest advice on where they stand. That includes telling you when the right call is to wait, which is a conversation we have regularly.
Most mortgage applications verify income through payslips, bank statements and sometimes an employer reference letter rather than a phone call.
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.
A DMP is an informal arrangement with your creditors; an IVA is a formal insolvency recorded on your credit file and the Insolvency Register. Lenders treat them differently. IVA cases often need longer post-discharge timescales.
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.
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.
Missed DMP payments do count against the case but are not necessarily fatal. The further back they are and the cleaner the recent record, the better.
Buy-to-let on an active DMP is harder than a residential, but specialist buy-to-let lenders will consider it, usually with 25% or more deposit and a strong rental coverage ratio.
Our office is in Nottingham, at Park Lane Business Centre, NG6 0DW. You do not need to visit. We help Sheffield DMP mortgage clients by phone, email and video, and we handle the application paperwork for you.
A free initial chat gets you a clear view of what’s actually possible. Soft search only, no obligation, no commitment.
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.
