Mortgage options available even if you’ve been in a Debt Management Plan (DMP)

Even if you’ve had, or are currently in, a Debt Management Plan (DMP), there are plenty of mortgage options available. You may even be able to save money or raise a lump sum to clear the DMP.

  • Mortgages available when the Debt Management Plan (DMP) has been active for 12 months (with satisfactory payment history)
  • Purchase and remortgage options available
  • Eligible for Help-to-Buy and Right-to-Buy schemes
  • 95% mortgages available after you’ve been in your DMP for 3 years

Allowing one couple to remortgage even though one of them was in a Debt Management Plan (DMP)

At Clever Mortgage we helped them to:

Settle Mrs B’s DMP with the new mortgage
Exit their current lifetime tracker mortgage and onto a better deal
Secure a fixed rate of 2.10%
Save almost £500 each month on mortgage and debt repayments

We were approached by Mr and Mrs B as they wanted to consolidate their debts by taking out a new mortgage on their home. Mrs B was in a DMP at the time though and her husband had previously been in an Individual Voluntary Arrangement (IVA).

Mr and Mrs B were unsure as to whether they could remortgage so we were pleased to help them not only consolidate their debts and reduce their monthly payments, but also get on the right track to rebuilding their credit scores.

 BalancePaymentRateProductTerm
Previous Mortgage£61,000£4901.25%Lifetime tracker12 years
Previous secured loan£43,000£43610%SVR12 years
Previous unsecured debts£44,300£657VariousVariousVarious
New Mortgage£150,000£10972.10%5 year fixed rate13 years

No obligation advice on DMP mortgages

Try our Mortgage Calculator – let’s see what you could borrow

Rates may differ based on your circumstances

Loading

Latest mortgage best buys

Based on a mortgage of £130,000 on a property worth £260,000

Initial rate
Overall cost for comparison
1.17% Fixed
then 3.8% (variable)
3.8% APRC

Fees and charges

  • Booking fee
    £0.00
  • Arrangement fee
    £999.00
  • Valuation fee
    £200.00
  • Other fees
    £590.27
  • Cashback
    £0.00

Other info

  • Exit fee
    £0.00

Flexibility

  • Overpayments allowed?
    Yes

Representative example
A mortgage of £130,000.00 payable over 25 years, on a ‘Fixed rate’ of 1.17% would initially cost £503.85 for 25 months. This would be followed by 275 monthly payments at a variable rate of 3.8% costing £691.33 per month. The total amount payable over the full term of the mortgage would be £202,912.00, made up of the loan amount plus interest and fees (£1,199.00). The overall cost for comparison is 3.8% APRC.
1.24% Tracker
then 3.9% (variable)
3.9% APRC

Fees and charges

  • Booking fee
    £0.00
  • Arrangement fee
    £995.00
  • Valuation fee
    £352.00
  • Other fees
    £485.00
  • Cashback
    £250.00

Other info

  • Exit fee
    £0.00

Flexibility

  • Overpayments allowed?
    Yes

Representative example
A mortgage of £130,000.00 payable over 25 years, on a ‘Tracker rate’ of 1.24% would initially cost £508.05 for 28 months. This would be followed by 272 monthly payments at a variable rate of 3.9% costing £689.71 per month. The total amount payable over the full term of the mortgage would be £201,958.52, made up of the loan amount plus interest and fees (£1,377.00). The overall cost for comparison is 3.9% APRC.
1.95% Variable
then 2.1% (variable)
2.1% APRC

Fees and charges

  • Booking fee
    £0.00
  • Arrangement fee
    £999.00
  • Valuation fee
    £0.00
  • Other fees
    £770.43
  • Cashback
    £0.00

Other info

  • Exit fee
    £125.00

Flexibility

  • Overpayments allowed?
    Yes

Representative example
A mortgage of £130,000.00 payable over 25 years, on a ‘Variable rate’ of 1.95% would initially cost £552.06 for 0 months. This would be followed by 300 monthly payments at a variable rate of 2.1% costing £552.06 per month. The total amount payable over the full term of the mortgage would be £165,751.00, made up of the loan amount plus interest and fees (£1,132.00). The overall cost for comparison is 2.1% APRC.

6 Great reasons to choose Clever Mortgages

Specialists in bad credit

Every member of our team is trained in bad credit situations and know how to find the right solutions for customers – helping them get the mortgage that’ll get them back on track.

Over 100 lenders

The number and quality of lenders we work with means we have access to a diverse spectrum of best-rate deals. The lenders we use means we have all areas covered – even for those in particularly niche circumstances.

Not every case is the same

As each customer’s situation is unique, we take the time to understand your situation, and we carefully assess your goals and how we’ll make sure the mortgage we get helps you to achieve them.

Access To Exclusive Rates

The relationship we have with our lenders means we have access to products and deals that simply aren’t available to customers going direct. This is true particularly for those in adverse credit situations.

Offering the best support

We know that buying or moving house and getting a mortgage is stressful, so we do our upmost to make the process as hassle-free as possible. We’re there for you at every step, always keeping you in the loop.

Excellent Reviews

We’re proud of our long-standing 5 Star Rating on Trust Pilot, and love all the positive feedback we get from customers every day. We feel privileged to help people get a great deal with far less stress.

Why use a mortgage broker?

Mortgage brokers can help you find the best deals on the market – not just from one lender. With a broker you’ll get:

  • Valuable knowledge, through years of experience helping customers to find mortgages
  • An improved chance at finding a mortgage, some mortgages are only available through a broker
  • Help with the application process, as usually just one application can be used across various lenders
  • Advice on how to improve your chances, for instance getting a guarantor or applying for a joint mortgage
About Clever Mortgages

We specialise in assessing an individual’s situation, and finding a best-fit mortgage solution for them. We can help:

  • With remortgages, buy-to-let, and first-time buyers mortgages. We have experts over all of these areas
  • Even if you’ve got bad credit – we help people every day with less than perfect credit histories to find the right mortgage
  • With applications, as we’ll take the hassle away. We require your details once and we’ll know the best lenders for your circumstance

Our team know the lenders that are most likely to say ‘yes’, and to give the best rates

What should I do next?

You enquire online with us today or give us a call
Our simple form takes a couple of minutes to fill in, this gets the ball rolling

One of our experts will give you a call to find out more about your situation
We have experts in remortgaging, who focus solely on helping customers save money

We do all the hard work for you
We search the market for the trusted lender that’s right for you

Our expert will get back in touch
We can guide you every step of the way, and we’ll always keep you up-to-date with progress

Speak to a broker

Christie Buck

Christie is a specialist mortgage broker, whose been working for Clever for 4 years. She has been in the financial industry for nearly 9 years which included assisting clients in financial difficulty setting up IVAs.

Call us on: 0800 197 0504

Below are some of the lenders we work with