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 Coventry 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.
Coventry borrowers come to us from across the city and into Warwickshire. We work with specialist lenders active in the West Midlands market. 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. Coventry’s housing stock spans Victorian terraces through to significant new build developments, giving specialist lenders broad appetite.
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.
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.
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.
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.
Our office is in Nottingham, at Park Lane Business Centre, NG6 0DW. You do not need to visit. We help Coventry DMP mortgage clients by phone, email and video, and we handle the application paperwork for you.
The specialist DMP lender pool is smaller than the mainstream market but still measured in dozens of lenders, not a handful.
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.
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.
Shared ownership can be an option with some specialist lenders for borrowers on a DMP, usually with a strong deposit and a well-maintained plan.
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.
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.
