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 Derby 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.
Derby sits on our doorstep and is one of the markets we know best. We help Derby borrowers across the city and surrounding Derbyshire villages. 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 Derby market, with its strong employment base and varied housing stock, has deep specialist lender interest.
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.
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.
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.
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.
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.
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.
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.
Most mortgage applications verify income through payslips, bank statements and sometimes an employer reference letter rather than a phone call.
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.
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.
