Mortgage After Completing a DMP Your Options Are Better Than You Think
Quick answer: Completing a Debt Management Plan is a significant achievement and one that lenders recognise positively. Once your DMP is complete and the underlying debts are settled you are treated differently to someone still in an active DMP.
🏦 What Lenders Look At
- How long ago the DMP was completed
- Whether all the underlying defaults are now satisfied
- How long ago the defaults underlying the DMP were registered
- Your credit behaviour since the DMP was completed
- Deposit size and affordability based on current income
❓ Common Questions
How long after completing a DMP can I get a mortgage?
There is no mandatory waiting period. You can apply immediately after DMP completion. The longer ago the DMP defaults were registered the better your options.
Does completing a DMP improve my credit score?
Completing a DMP demonstrates financial responsibility and your score will gradually improve as the underlying defaults age.
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.