Mortgage While You Are Still in a DMP It Is Possible in Some Circumstances
Getting a mortgage while actively in a DMP is challenging but not impossible. The main issue is that your DMP repayments will be factored into your affordability assessment reducing how much you can borrow. Some specialist lenders will consider DMP applicants who have maintained plan payments consistently.
🏦 What Lenders Look At
- How long you have been in the DMP and how consistently payments have been made
- The remaining balance on the DMP
- Whether any DMP debts have been fully repaid
- Your income after DMP payments and whether there is sufficient surplus for a mortgage
- Deposit size — typically 25%+ required while still in a DMP
❓ Common Questions
Will being in a DMP appear on my mortgage application?
Yes. Your DMP repayments will appear on bank statements and credit file. There is no benefit to hiding it.
Should I complete my DMP before applying for a mortgage?
In most cases yes — completing your DMP will significantly improve your mortgage options.
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.