question category: Debt Management

is it possible to get a mortgage when on a debt management programme?
Submitted on: 9th Apr 2009 by Non-Member | Total Answers: 2

is it possible to get a mortgage when i am on a debt management programme and if it is, is it possible to incorporate my debts in to my mortgage? i have been told to look in to a debt consolidation mortgage, is this something that is worth doing and how will it effect me and my credit rating ( which at the moment is very poor).

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Re: is it possible to get a mortgage when on a debt ...

It is possible to get a mortgage and any other form of finance whilst in a debt management plan. The decision of whether debt management is better than consolidation is really down to affordability and availability. Why try our debt calculator to get a recommendation?

Submitted on: 9th Apr 2009 by TA Member

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Re: is it possible to get a mortgage when on a debt ...

It is (or at least it was before the credit crunch) possible to get a mortgage. It would probably have to be a sub prime lender and you probably would have to have a considerable deposit. Most debt management companies have a friendly mortgage advisor.

If you are paying a high rent payment and you could prove to a lender the affordability of an equivalent or lower mortgage payment it would make sense to try to get one.

You need to get some mortgage advice - possibly from a broker.

I may be able to find someone who can give an opinion (I am not a mortgage advisor) if you click on my name and email me at Debt Advice Foundation

Submitted on: 24th Apr 2009 by Darren Member

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