Debt Management Plan

Yes, it is possible to get a mortgage with a DMP, especially if you have been making consistent payments for at least 12 months.

Yes, a DMP can affect your credit score as creditors may register defaults when you enter into the plan. However, managing your DMP well can improve your financial standing over time.

The deposit required may vary depending on how long you have been on the DMP and your credit history. Generally, a larger deposit, such as 15%, may be required initially.

We recommend waiting at least 12 months after starting a DMP before applying for a mortgage. This allows time to build a positive payment history.

Missed payments can negatively affect your mortgage application. Lenders prefer applicants who have made consistent payments.

If your DMP has ended and you have settled your debts, your application may be more favourably viewed by lenders, especially if some time has passed since the DMP ended.

Some lenders may prefer you to wait 12 months after settling your DMP, while others may be willing to consider your application sooner.

The most important thing is not to be discouraged. We will work with you to explore other lenders who may be more suited to your financial situation.