My gf and i are currently saving for a house, we have about £10k saved currently.
I howeevr am on a debt management plan where i owe about £14k in total over 3 credit cards. These were all obtained at uni and i have arranged this DMP in 2007
My DMP look after my creditors for me and i pay £140 every month and have done since 2007 (barring 6 months in 2009 where i paid £50 due to being unemployed)
I should pay more to my creditors but instead have been saving hard for a house deposit with my gf.
Is it possible to get a joint morgage while on a DMP? My gf has a clean credit history and no dent at all.
I understand that 'pay back your creditors first' might be the obvious answer but bypassing that answer is it possible to obtain a joint morgage for a house of £120k max with my current DMP?
Also i am in Northern Ireland where house deposits are 10% minimum not 20%
Regardless of where you live Mortgage Lenders are not going to like your debt management plan and you are not going to find it easy to get a mortgage. It will all depend on what is showing on your credit file and whether or not any defaults have been registered.
I recommend that you get a copy of your credit file from one of the Credit Reference Agencies below and then make an appointment to see a local independent mortgage adviser. They will be able to see exactly what in the way of bad credit is registered and then make an assessment on whether or not you have a chance of getting a mortgage.
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