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 Leeds 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.
Leeds borrowers come to us from across West Yorkshire, from Headingley terraces to new builds out towards Garforth and Rothwell. We work with the specialist lenders most active in the Yorkshire 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. The Leeds property market, from inner-ring Victorian terraces to commuter new builds, is a strong area for specialist lender appetite, particularly on standard construction family homes.
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.
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.
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.
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 Leeds DMP mortgage clients by phone, email and video, and we handle the application paperwork for you.
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.
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.
No, lenders do not disqualify applicants based on which provider manages the plan. What matters is how well the plan has been maintained.
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.
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.
