Can I Get a Mortgage While on a Debt Management Plan?
This is one of the most common questions Darryl receives. The honest answer is possibly yes but it depends on your specific situation. Being on a DMP does not automatically disqualify you from a mortgage but it significantly reduces your options and the amount you can borrow.
🏦 What Lenders Look At
- Whether you are still in the DMP or have completed it
- How consistently you have maintained DMP payments
- The remaining balance and projected completion date
- Your income after DMP payments
- Deposit available
❓ Common Questions
Does a DMP count as a default on my credit file?
The DMP itself does not create a separate entry. However the accounts included will typically show as defaulted on your credit file.
Can I get a joint mortgage while I am on a DMP?
The DMP will affect the joint application. The other applicant clean credit profile can help but the DMP repayments and adverse credit will still be assessed.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.
This page is for general information only and does not constitute regulated financial advice. The Mortgage Geezer is a trading style of Access Financial Services Ltd who are authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 301173. Registered in England No. 04427489. Registered office address Access Financial Services Ltd, Unit 1 Furtho Court, Towcester Road, Old Stratford, Milton Keynes, MK19 6AN.