Precise Mortgages has today launched a new exclusive debt management plan (DMP) mortgage for people who are trapped because of their debt history.
The plan enables customers who are looking to remortgage or move home get a new deal despite a poor credit score. By allowing them to clear their existing debt management plan it also helps them repair their credit history.
Both people who have current debt management plans and those DMPs satisfied within the last three years will be considered up to 75 per cent loan-to-value (LTV). DMP’s that have been satisfied over 36 months ago will be considered up to 85 per cent LTV.
The new DMP mortgage is available through Brightstar and Precise Mortgages’ Premier Packager Panel.
Clive Willson, business development director at Brightstar, says:
“There are thousands of people who have either paid off a debt management plan or are in the process of doing so, but who are penalised because of this by being unable to re-mortgage or move house. The Precise Mortgages’ DMP mortgage available through Brightstar will help those borrowers overcome that hurdle”
Alan Cleary, managing director from Precise Mortgages, says:
“Precise Mortgages is renowned for breaking the mould and offering specialist lending solutions to borrowers in a different way to other lenders. We’ve designed this exclusive product which is available to Brightstar and our Premier Packager Panel as they are the best placed to put together cases such as these, which by their nature are more complex than normal mortgages.”
