Less than perfect credit score? You can still get a mortgage in 2017.
What if you’ve had a Debt Management Plan but it’s been paid off for some time? Regardless of your income and whether you’ve met the affordability test criteria, will having a DMP affect your credit score and, therefore, your mortgage application?
Much depends on the amount of time passed and the lender.
Precise Mortgages, for example, consider applications from borrowers whose DMP was paid off 3 years ago, or more. They also do not apply stress tests to their 5 year fixed rate products, and this is applicable to both house purchase products as well as home movers.
Precise is one, from a number of UK-wide lenders, who recognise the need for a more flexibility when it comes to mortgages for those who have had a DMP. They take a more human approach to underwriting, and realise that an applicants’ financial history can be a mixture of good and not so good, but this doesn’t have to mean they are high risk now.
Finding the lenders who are more open minded, and underwrite their products on a case by case basis, can be quite challenging. This is where using the skills of mortgage broker, Deal Direct, comes to the fore.
Whether you are looking for an alternative to the lenders found on the high street, looking to buy new or remortgage, Deal Direct’s advisers can source the perfect mortgage for you.
Don’t let having a DMP get in the way of obtaining a mortgage. For an instant, no-obligation quote, click below or, for an assessment of your finances and to discuss your options in full, call us today.
Speak to a Deal Direct adviser on 0800 048 8828.
