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 Birmingham 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.
Birmingham is the largest specialist lender market outside London. We work with West Midlands borrowers across the city, Sutton Coldfield, Edgbaston, Harborne, Kings Heath and the wider conurbation. 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.
Specialist lenders take a nuanced view of DMP cases. They look at how long the plan has been maintained, whether it is active or settled, how the underlying defaults look today, and how clean your conduct has been over the last twelve months. Birmingham’s housing stock spans everything from Victorian terraces in Moseley to new builds in the city centre, and specialist lenders have broad appetite across the city.
Free, no-obligation chat about your situation. No mark on your file.
We assess your file, income, deposit and property plans in full.
We target the lenders whose criteria fit your case first time.
We package, submit and manage the application through to completion.
Our firm specialises in the mortgage cases most brokers avoid: adverse credit, self-employed with limited accounts, complex income, non-standard construction, and anything requiring specialist lender access.
Advisors are qualified, named and accountable. We tell clients when timing is right and when it is not, which is why our reputation holds across thousands of placed cases.
Potentially. Settling a DMP early moves you from active to settled status, which opens more lenders and better rates. Whether it is worth doing depends on how much you still owe and your timing.
Deposit requirements vary by lender and situation, but 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.
Most specialists want to see at least twelve months of maintained DMP payments before they will consider an active plan. Settled DMPs do not have this minimum requirement.
Yes, specialist lenders consider cases where both applicants are on DMPs. The deposit requirement tends to be higher and the lender pool narrower, but it is possible.
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.
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.
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.
Nothing changes on the mortgage itself. When the DMP settles, you may be able to remortgage onto better terms, as settled DMPs open a wider lender pool and more competitive rates.
A conversation is the fastest route to a clear answer. Free, no obligation, and nothing 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.
