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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A DMP on its own is rarely the dealbreaker in a Halifax mortgage case. Specialist lenders look at the full picture, how long the plan has run, how it has been maintained, the underlying credit conduct, your deposit and your affordability. High street lenders typically decline during an active plan, so matching your situation to a specialist is where the right outcome usually sits.
Halifax borrowers come to us from across the Calderdale area. We know the Yorkshire specialist lender market well. 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.
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 Halifax property market, with its distinctive stone-built terraces and modern developments, suits specialist lender criteria on standard construction homes.
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.
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.
No upfront advice fees on most DMP mortgage cases. We are usually paid by the lender via a procuration fee once your mortgage completes.
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.
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.
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.
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.
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.
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.
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.
A quick call tells you more than any online calculator. Honest advice, no pressure to apply, no credit mark.
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.
