In short, it’s certainly possible to get a mortgage whilst ON a debt management plan and get a mortgage AFTER a debt management plan, provided you have enough deposit and you meet the standard mortgage criteria such as income, affordability, and other credit history parameters.
Mortgage after a DMP is settled.8 Jul 2019
Will debt management plan stop me getting mortgage?
If you use a debt management plan, it will harm your credit score and could prevent you from accessing the best mortgage deals. Nevertheless, it’s far from impossible to be approved for a mortgage if you have a debt management plan.24 May 2019
Can you buy a house while on a debt management plan?
You Can Buy A House While In Credit Counseling Or A DMP
If your credit score and payment history are in their wheelhouse, and your debt-to-income ratio is acceptable, most mortgage lenders don’t care if you’re in a plan or not.20 Dec 2016
Will my DMP affect my partner?
Will a DMP affect my spouse or partner? Any non-priority debts that you share with your spouse or partner can be included in your DMP. However, your creditors may still contact them. So, you may want to consider setting up a joint DMP.
Does DMP affect credit rating?
A DMP could affect your credit rating, even if your creditors are happy to accept the DMP. However, once each debt is cleared, they will eventually drop off your credit file. Once you’re on a DMP, most creditors will agree to stop interest and charges as a gesture of goodwill.