Finding a mortgage with a poor credit history is difficult and has to be approached very carefully because of the shortage of lenders available in this market. Having the advice of a qualified Poor Credit Mortgage Broker will greatly enhance your chances. With only a few sub prime lenders to choose from, getting it right first time is very important.

Steven Neale – Specialist Bad Credit Mortgage Broker

Our experience as first time buyers was simply exceptional! We have been guided through the mortgage process and buying our first home has been an easy journey thanks to your professionalism and efficiency.

Esrskine&Machaj
13th Jan 2022

After thinking I was going to lose the new home I had fallen in love with, Steven worked hard with me and understood my circumstances. I was at the point of nearly giving up and within 4 weeks I had a full mortgage offer. Thank you for making my dreams come true. I would highly recommend your services. Absolutely no bull or jargon.

T Jones
10th Jan 2022

The service we have received has been amazing. We were kept up to date every step of the way. Honestly, the relief on my face when I received your email with the mortgage offer was priceless. I can not thank you both enough you are both amazing at what you do. We can not thank you enough for everything, Thank you so much, you have made our dreams a reality.

Foster
4th Nov 2021

Thank you foremost for choosing to specialise in adverse credit services for people. All we read online is that it is not possible or easy to get any form of credit when you have or settle an IVA and I’m so glad I kept looking and found you. You have helped us more than you’ll ever realise. We are so happy to have a chance to start again and be able to remain on the property ladder, all thanks to you.

Daw
1st Nov 2021

SN Mortgages gave me a chance when no other brokers would. They listened and empathised with my situation. Advised me accordingly and supported me throughout my journey. Highly recommend.

Dye
11th Oct 2021

Steven & Sue have been absolutely amazing through the whole process – extremely calm, organised and helpful. We will definitely be using them in the future and would highly recommend them to family & friends.

Harden
20th Sept 2021

Steve and Sue have been absolutely amazing. I was really worried about my financial history meaning I wouldn’t be able to get a mortgage but they were nothing but supportive and non-judgemental, always available to explain things and answer questions as well as extremely efficient.

Mulready
18th Jan 2022

Steve and Sue were very professional and provided an excellent service. Great communication throughout keeping you up to date at all times. Overall a smooth process, would highly recommend.

Robinson
24th Aug 2021

Struggling to ‘get back’ on the housing ladder after 15 years and being ‘self-employed’ was proving near enough impossible, until we found Steve & Sue. They found us a lender that would use my ‘day-rate’ rather than the usual ‘self-assessment’ and even though there was stumbling blocks along the way, they get us over the line with a ‘mortgage offer’! We can’t thank them enough and would definitely have no hesitation in using them again!

Day
28th July 2021

A fantastic service provided by SN Mortgages once again. Highly recommend SN Mortgages, they have been brilliant at finding the best rates for us, keeping in regular communication and quite frankly achieving the impossible! Where other brokers fail to come back to us or could not find a deal, SN would always go the extra mile and revert back. Thank you so much!

Patel
22nd July 2021

We are so grateful to Sue and Steve for all their effort in helping us get our mortgage. Their knowledge and clear love of their job shines through and they have been on hand to answer all our questions no matter how silly or small. They have clearly explained everything from start to finish which has made us feel so much more at ease throughout the whole process. We can’t recommend them enough!

Young
1st July 2021

Mortgage with DMP

Can I get a Mortgage with a Debt Management Plan?

Getting a mortgage with a debt management plan, whether it is in progress or completed, can be very difficult, and almost impossible with high street lenders. However, I work with several lenders who may be able to help. The key when looking for a mortgage with a debt management plan is to go through an experienced adverse credit broker who understands lending criteria when it comes to DMPs.

This is one area where I have seen an increase in the number of lenders prepared to offer mortgages if you are in a Debt Management Plan (DMP). However, If you had come to me 2 or 3 years ago, the number of lenders in this market space would have been 1 or 2 but today I know of at least 12 lenders prepared to consider you for a mortgage – some of them do not make it a condition the DMP has been cleared. Provided you have made the monthly payments on time and have not missed any, they treat this just like any other loan when assessing you for affordability.

You will need a specialist DMP broker if you find yourself on a DMP and it’s only natural to worry about how it could affect your mortgage application. However, taking actions to pay off your outstanding debts through a Debt Management Plan doesn’t mean you’re unable to apply for a new mortgage. In fact, securing new mortgages for people on debt management plans is one of my specialities.

Getting a mortgage with a DMP

While your options may be limited due to the DMP, I will be able to find a mortgage provider who will consider your request. As with all applications, these lenders will be asking themselves one question when we submit your request: “Will this person pay back the money we lend them?”

When it comes to answering this question from mortgage providers, your Debt Management Plan presents you with an opportunity. If you’ve kept up with your monthly repayments for a year or more, you’ll show the bank or building society that you can be trusted to consistently make payments on time.

Debt Management Isn’t Always a Red Flag to Mortgage Lenders

Drawing upon nearly three decades of industry experience, I’ll help you to prepare your applications, limit the impact of your DMP, and secure the mortgage needed to purchase or remortgage your home

Does my debt management plan need to be cleared to get a mortgage?

Like any other kind of debt, it will almost always be beneficial for a mortgage application to have the debt cleared before applying. However, some specialist lenders will still be willing to offer a mortgage for those who are still in a DMP.

How long ago does my DMP have to have been set up to apply for a mortgage?

As with most credit issues, time is a big factor when it comes to getting a mortgage. Although there isn’t a one size fits all criteria for timings of a DMP, generally speaking, the longer ago the DMP was set up, the better it will look on your mortgage application. I work with several lenders who would consider offering a mortgage to those with a DMP which was registered up to just 12 months ago.

How much deposit will I need for a mortgage with a DMP?

While you can be approved for a mortgage of up to 95%, this requires that you have no defaults registered in the last 36 months, no CCJs registered in the last 72 months and the DMP going for at least 12 months. Otherwise, the amount you could borrow is 90%.

What if I have other credit issues?

A Debt Management Plan demonstrates that you have suffered from financial difficulties in the past, but this will only become a serious problem if you have late payments, defaults and CCJs on your file. If this is the case, I will be able to advise you on how best to proceed.

What income do I need for a mortgage with a DMP?

Lenders typically limit the size of your mortgage to between four to five times your annual incomes. However, your Debt Management Plan will need to be taken into account as you are committed to regular monthly payments for a period of time. This may lead to you being offered a smaller mortgage. If however you are on a higher salary, I know of a lender that would go above 5 times your income – call me if this is what you are looking for.

What about Payday Loans?

Many of the people who come to me asking about the effects of a DMP on mortgage applications also ask about payday loans. My advice to them is very simple.

Do. Not. Take. Them.

While a DMP may not be an instant red flag for many lenders, multiple payday loans are as they instantly demonstrate that you are unable to prudently manage your finances.

Borrowing money every month for six months, just to keep you going until your next pay day paints you as far more of a risk to mortgage lenders than maintaining a DMP over the same amount of time. Strangely, lenders are far more relaxed about credit cards so if you find yourself short one month, use a credit card not a payday loan and make sure you pay off either the balance or minimum amount each month.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

For more information, call me on: 01494 526400 or complete my online enquiry form.

3 REASONS TO ASK ME TO ARRANGE YOUR MORTGAGE

Years of Experience

I specialise in Bad Credit Mortgages for people who have a poor credit history because of any number of reasons.

Choice of Lenders

I am a Whole of Market, Mortgage Broker meaning I can talk to every lender to see about finding you the right mortgage.

Saving You Money

As a specialist Mortgage Broker for over 30 years I have a great deal of experience that will help save you time & money.