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  • Writer's pictureMatthew Pigrome

How Mortgage321 Can Assist Borrowers with a Debt Management Plan (DMP) in Securing a Mortgage

Understanding the Path to Homeownership with a DMP

At Mortgage321, we recognise that past financial challenges shouldn't be an obstacle to achieving your dreams of homeownership. Especially for those who have taken proactive steps to manage their finances through a Debt Management Plan (DMP). Our approach is tailored and empathetic, focusing on individual circumstances rather than a one-size-fits-all criterion.

1. Continued DMP Support Post-Completion

For many, the journey towards financial stability doesn’t end with the completion of a DMP. We understand this and offer continued support even after the completion of your DMP.

2. Flexible Lending up to 85% LTV

Our mortgage options are designed with flexibility in mind, offering loans up to 85% loan-to-value (LTV), giving you broader options for your property choice.

3. No Minimum Period Requirement for Satisfied DMPs

If you’ve satisfied your DMP prior to your application, there’s no need to worry about a minimum period for which your DMP should have been running.

4. Consideration of Additional Adverse Credit Post-DMP

We understand that financial paths are rarely smooth. If you’ve encountered additional adverse credit since entering into a DMP, we’ll consider these circumstances as part of your application.

5. Affordability Based on Reduced DMP Payments

Should your DMP continue post-mortgage completion, affordability assessments will be based on your reduced DMP payments, ensuring your mortgage is manageable alongside your existing commitments.

6. Purchases and Remortgages with Active DMPs

Both purchasing a new property and remortgaging are viable options with Mortgage321, even with an active DMP. The key requirement is that the DMP has been active for a minimum of 12 months.

Taking Charge of Your Finances: The Journey Through Debt Management with Resilience and Strategy.
Empowering Financial Control: Navigating the Path of Debt Management with Determination and Focus.

Requirements for Applicants with an Active DMP

To consider lending to customers with an active DMP, we require:

  • Evidence of Consistent DMP Repayments: This can be an annual statement from your DMP provider, detailing your creditors, outstanding amounts, and a record of your payments.

  • A Reference from Your DMP Provider: This should confirm the details of your DMP, including the date of agreement, outstanding amounts, creditor details, and confirmation of timely payments over the past 12 months.

Get in Touch for Personalised Assistance

Embarking on the journey to homeownership with a DMP can seem daunting, but with Mortgage321, you’re not alone. For more detailed information about DMP mortgage products or to discuss your individual circumstances, our team is here to help.

Reach out to us at:

  • Phone: 01255 440142

  • WhatsApp: +447851856721

Your dream home may be closer than you think, even with a DMP. Let Mortgage321 guide you on your path to homeownership.



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