There is no doubt that mortgage proves useful for overcoming the financial crisis but it also comes with risk. Majority of the borrowers ask the same question that whether a mortgage can be done with DMP or not? Well, you may have read blogs about it however most of the experts believe that mortgage cannot be obtained with a Debt Management Plan that makes the borrowers disappointed. So, here we have discussed a few suggestions that can help the applicants to get the deal done with or without DMP.
- Check your Credit File prior applying!
The candidates who suffer credit issues like default or CCJs should adopt a more prudent approach for the approval of the loan. Well, in most of the cases, such types of candidates need to deposit around 15 to 20% higher amount which is the major jump to cross. However, it is crucial to check the credit file prior to applying for the mortgage. The credit file will reveal a true picture in front of you and you will be able to take a wise decision at the end.
- Do not ponder the Negative Remarks!
The negative remarks from the side of lenders are obvious in case of DMP however it is important to not bother such remarks especially if your ultimate aim is to get the mortgage done. There is no doubt that finding the best mortgage is similar finding the needle in the haystack but asking the mortgage advice in Bristol can help you in this regard. The advisers can add in a better way.
- Limited Options with Bad Credit History!
The borrowers who already have a bad credit history should not fascinate about multiple mortgaging options. The mortgage becomes even difficult for people with bankruptcy, repossession, and CCJs. Well, at this point, you will get minimum or limited number of options but still, a light of hope is possible if you ask the broker to assist you in this regard.
- The Amount you can borrow!
The borrowers with DMP cannot apply for a large loan however if they maintain a good credit history and have reasonable deposit, they can borrow up to 4x annual income. Besides this, the credibility will be analyzed on the basis of your affordability and monthly expenses.
In short, if you want to apply for a Mortgage with DMP, the above-mentioned facts should be pondered.