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Trusted advice for mortgages with Debt Management Plans.

Difficulties with your past credit report shouldn’t define your future. Let our specialist mortgage brokers guide you towards a successful mortgage application.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

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First Time Buyers

Being a first-time buyer can be scary, especially when you have bad credit. Our specialist mortgage advisors are here to show you the way.

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Looking to get shared ownership mortgages with bad credit? Our mortgage advisors are here to help you secure the right product for your needs

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Getting a mortgage after bankruptcy can be difficult, but the property ladder is within your reach. Talk to our expert mortgage advisors today.

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Feeling low about your low credit score? The right mortgage for you is just around the corner. Our expert advisors are here to help you find it.

Finding The Best DMP Mortgage Deal For Your Circumstances

When the options seem limited, and you’re worried every mortgage lender is going to turn their back on you, our friendly team is here to help. We’re specialist mortgage advisors with extensive experience in the poor credit history market. Dedicated to doing things differently, we’re here for you when mainstream lenders are saying no. We’ll keep things clear and simple, dispelling all the credit issues you might think you have during the process. Your homeowning ambitions are our priority, and we will put you in contact with bad credit mortgage lenders to achieve your dreams.

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Helping you climb the ladder. 

The mortgage process can be frightening at times. If you don’t know where to start looking for a mortgage with a DMP in place, our team of expert adverse credit advisors are here to show you the way and fight those fears. We’re committed to providing independent, no-nonsense mortgage advice to people who need it most. You don’t have to give up reaching for the property ladder with our friendly, experienced team on your side. In fact, it may be closer than you think.

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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

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Check your credit file.

In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

Can I get a mortgage with a debt management plan?

Yes. Whilst it is more difficult to get a mortgage with a DMP, and you may face a restricted number of options, it is possible to get bad credit mortgages. DMPs are informal agreements with creditors that detail the terms of an outstanding debt and how it will be paid back (usually in the form of monthly payments). Though they don’t directly contribute to a poor credit rating directly, they reveal that you have had difficulties managing loans resulting in missed payments.

Understandably, this will provoke caution in those considering whether or not to accept your mortgage application. The mortgage offers you receive are likely to have higher interest rates and may require a larger deposit, but this effect will lessen as time passes. Once all your debts have been paid off and the DMP repayments are complete, your credit file will begin to improve which will increase your eligibility across the market. However, even if you have an active DMP, there are lenders who will consider your case.

Does a DMP affect my credit score?

In itself, a DMP won’t harm your credit report, however, the circumstances leading up to taking out a DMP will. This might include several late payments and defaults, both of which will be recorded on your file. After 6 years, however, these incidents of adverse credit will be wiped, after which your score will begin to repair. If it has been less than 6 years or you are still paying back a DMP, you may find your options are limited, but that’s not to say you don’t have options. Talk to a friendly advisor today and we’ll assess the best next steps for you.

Turning Your Nightmares Into Dreams

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

How do debt management plans affect mortgages?

A debt management plan (DMP) can complicate the mortgage process in various ways. Firstly, it may be more difficult for you to amass a big enough deposit with this regular monthly toll on your income. It also may mean you face higher interest rates than if you were debt free. Your options when it comes to mortgage deals and lenders to choose from will be significantly reduced depending on how long ago this took place.

However, if you can demonstrate through careful budgeting that you can handle money better now and are able to take on further monthly expenditures, some lenders may overlook your DMP and credit history. The best thing to do if you’re not sure about how your DMP will affect your mortgage plans is to talk to a member of our friendly team of mortgage experts. We’ll assess your situation, assign a mortgage broker and reco

Will my debt management plan make my mortgage more expensive?

An imperfect credit file will inevitably affect the number of high-street lenders who will consider you. As a result, you will require specialist mortgage lenders, who may offset the situation with your credit accounts with higher rates.

Amassing a larger deposit of around 15% can help combat this problem and bring the rate of interest down. If you’re worried about committing yourself to a bad deal, our expert mortgage advisors can review the terms and provide you with a costing review, making sure you’re adequately informed before you make any big decisions.

Frequently Asked Questions

I have a debt management plan and other bad credit. Will this mean I am declined for a mortgage?

It is not uncommon for clients with a debt management plan (DMP) to have other adverse credit. These credit incidents can even be what has led to taking the debt management plan in the first place. The more adverse credit events you have, the fewer high-street lenders and mortgage deals you will be eligible for. You can also expect higher rates of interest for your mortgage application.

It’s unlikely that high street lenders will accept mortgage applications under these circumstances, but this is not necessarily the case for all lenders. When the Bank Says No are mortgage brokers who specialise in analysing credit reports and matching applicants with understanding specialist lenders. Whether you have a number of accounts that are in default, or you’re just struggling to understand your report, we can help you assess your options.

It’s important to know that when shopping for a mortgage with a DMP, interest rates can play a role in how much you’ll pay each month. Your aim should be to find the best possible interest rate, which isn’t always easy given the complicated nature of mortgages.

Fixed vs.Variable Interest Rates

The two main types of interest rates to consider are fixed and variable rates. Fixed rates are just like they sound—steady and stable, no matter what’s happening in the market over time. 

Variable rates, on the other hand, can move up and down based on what’s going on in the market.

When you have a DMP in place, it’s generally wise to opt for a fixed rate if possible. This will ensure that your mortgage payments remain consistent over time. 

However, keep in mind that fixed rates may be higher than variable rates initially. It’s worth it in the long run. 

That’s because fixed interest rates give you more control of your finances, as you know exactly how much you’ll pay monthly. 

Impact of Other Factors on Interest Rates

In addition to your DMP status, other factors like credit score, down payment amount, and loan amount may also affect your interest rate when buying a home with a DMP.

All these factors can impact the interest rate offered by lenders. That’s why understanding each one is key to finding the right mortgage for you at the right price.

If you have a DMP, it’ll affect the amount you can borrow on a mortgage. Lenders often ask for at least a 10% deposit to accept your application. It’s safe to say it’s always better if you can pay more deposit to get a lower interest rate and a better deal.

Since DMPs affect your credit rating, most lenders often require 15% or more as a deposit. That’s because your credit score will be at the lower end of the scale.

You might be wondering if it’s possible to get a new mortgage if you have a current DMP. Well, it’s possible, and fortunately, it would be a more flexible process compared to getting a mortgage with a DMP. Why?

First, if you’re remortgaging, you most likely had a good payment history with your existing lender. That gives the lender more confidence that you’ll make your debt repayments on time.

Moreover, if you have a large amount of home equity, this will be a plus, as you’ll likely get a low LTV. Lenders often look at this positively, especially with people who have low credit scores.

On top of that, if you have an active DMP, remortgaging might be beneficial. That’s because remortgaging can give you a chance of equity release, which will help to make your loan payment and get back on track.

What’s more, by clearing some equity, lenders will consider that when calculating affordability. Thus, you might end up with fewer monthly repayments after remortgaging.

Yes, it may be possible for you to borrow more money on your current home using a secured loan or remortgaging, even with a DMP. However, lenders have strict and specific lending criteria, and you may not fit into this when it comes to high street banks. Facing a reduced number of options, you may be concerned that your remortgaging plans are little more than pipe dreams. Trust our experienced mortgage advisors and we’ll work with you to establish the best way forward with a specialist lender. Call us today with your ID, income documents, and credit file ready, and we’ll get started.

Missing or late payments on your DMP will affect your credit score. This will limit your chances of getting a mortgage as lenders won’t trust your ability to pay on time.

Repaying your debt management plan if you can is a wise move. This will open up more options and provide access to a larger number of more competitive mortgage deals. It can take up to 3 months for your credit file to update though, so do keep hold of your proof of payment if you want to move quickly. The same goes for any other adverse accounts; repaying them before you start the mortgage process is usually the best way forwards. If you can’t, don’t worry! This isn’t to say you don’t have options right now.

Above all, keep calm. This is no doubt an incredibly upsetting and frustrating thing to learn, but you’re not alone. Don’t rush to make any new applications, even if you’re worried the house of your dreams is going to slip through your fingers. Too many applications for credit close together can be marked on your report as a hard search and raise alarm bells for future lenders. The most important thing to do is get expert advice now. Our team of specialist advisors can support you through this difficult time, work out ways to improve your application and connect you to a lender more suited to your situation.

DMP stands for a debt management plan. It’s an arrangement between you and the people you owe money to help you take control of your debts. DMPs are made for non-priority debts, which include mobile phone contracts, credit cards, loans, and more.

The purpose of a DMP is to make a monthly payment for all your debts based on what you can afford besides your essential living costs. That way, you take more control of your finances, if you’re struggling to pay debts.

On the bright side, debt management plans are an affordable method to pay off your debts while still paying for your living costs. They also allow you to keep track of your progress as you’re moving out of debt.

On the flip side, creditors might continue adding interest and charges to your debts. Plus, if you struggled to stick to the payment plan, they might take court action. Additionally, your credit score will be affected if you take a long time to pay your debts.

As a result, it might also affect your chance of getting a mortgage because of your low credit score.

Yes, it’s much better to apply for a mortgage with a DMP after paying all your debts. The debts stay on your credit history for 6 years, but if you have already paid them all, lenders won’t give them much attention.

That way, you’ll have access to better deals as your credit score will be higher than before.

Getting a debt management plan mortgage can sometimes be hard work. But with the correct information and understanding of how your DMP works, you can make an informed decision about the best way to move forward. 

Before you jump in, let’s take a look at the pros and cons of getting a mortgage with a DMP.


  • Mortgages with a DMP allow people to get on the property ladder sooner rather than later, meaning they won’t have to wait until they can pay off their debts entirely.
  • It can also be an indicator that you’re serious about budgeting and saving for the future.
  • Having a payment schedule for your DMP and mortgage can help you manage your finances and spending habits.


  • You may be limited on what kind of mortgage you can take out if your DMP is still active.
  • There may be fewer lenders that are willing to work with customers who have a DMP in place.
  • There’ll be more paperwork and documentation of your financial history needed, as lenders will want reassurance that your debt payments are affordable.

Specialist mortgage advisors for bad credit & DMPs.

Less-than-perfect credit is never ideal when it comes to finding a mortgage, but that doesn’t mean it’s an impossible task. When the Bank Says No has helped people all over the UK realise their ambitions to own a home by providing expert guidance, a host of useful tools and insights, and assessing and advising on the options available. With our team on your side, no debt management plan needs to get in the way of your finance applications. Whatever your situation, however imperfect your past relationship with credit, we can help you overcome the obstacles and achieve mortgage success.

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