A mortgage with a debt management plan is a loan that helps you pay off your debts. It allows you to consolidate your debt and repay it over time. This is ideal for people who have high monthly payments, such as credit cards and auto loans.
The benefits of this type of mortgage are:
A debt management plan can help people struggling with their debts by paying off all the debts over a period of time. The debtor will have to make monthly payments for a certain amount of time, which will be divided among the different creditors.
This way, they won’t be overwhelmed by the size of their debt and will be able to repay it in smaller instalments.
Debt management plans are beneficial for both the debtor and creditors because they reduce the risk of defaulting on payments and getting into more debt.
You can get a mortgage with a debt management plan in the UK. You will need to show that you are committed to paying off your debts and that you have enough income to be able to afford repayments.
It is a formal agreement between the debtor and the creditor that will help to pay back the debt over a period of time.
Bankruptcy is a legal procedure where an individual or company can get rid of their debts by declaring themselves bankrupt.
The difference between these two is that bankruptcy requires going to court and filing for bankruptcy, while debt management plans do not require any court proceedings and are done in private with the creditor.
The amount that you may be able to borrow for a mortgage with a debt management plan in the UK depends on your income, your credit score, your credit history, and other factors. The best way to find out how much you may be able to borrow is to contact mortgage brokers and get pre-approval from them.
The amount of money that you need to provide as your deposit will depend on the type of mortgage that you are getting.
The first step in getting a mortgage is to check with your bank or financial institution about the amount of deposit that they require for different types of mortgages, such as variable rates and fixed rates.
Some lenders may require a 15% to 20% down payment if you have a debt management plan in place. Most lenders prefer loan-to-value ratios of 80 to 85 per cent, but if you have any other negatives on your record, such as defaults or CCJs, you may be required to put down even more.
We believe that homeownership is a dream that should be achievable. That’s why we’ve come up with a mortgage plan that not only helps you to buy your new home but also provides debt management so you can pay off those other debts.
Take care of your finances: Count Ready offers a fast and easy way to buy your new home, while also talking about your financial obligations. With a debt management plan, you’ll be able to pay off other debts at the same time as buying your home.
We offer the qualified mortgage brokers: It’s important for our clients to know that they’re getting the best possible service and advice when it comes to buying their home, so we make sure to partner up with qualified and knowledgeable brokers who are experts in their field.
Suitable mortgage in town: Count Ready has one goal: to help people have a better life by providing them with the best mortgage products available. We do this by offering an affordable, fast, and easy way to buy a house while also taking care of other financial obligations at the same time.
At Count Ready, our goal is to help you get the mortgage you deserve. We have a team of experienced brokers and lenders who put your needs first.
With Count Ready, you can have a mortgage with a debt management plan and save money on interest. Our best mortgage brokers will work to make sure you have the best mortgage for you.
We’ll help you make sense of your finances: Our mortgage brokers will work with your debt management plan to help you make sense of your finances and get a mortgage.
You’re in good hands: We’re one of the best mortgage brokers in the UK, so you know we’ll be working hard for you and only for you. We don’t just want to help you get into your dream home – we want to help set your financial future in stone so that this is just the first of many.
Speedy approval process: We offer a fast approval process so you can get started on your new mortgage. Contact us today.
We are a hybrid mortgage broker and protection adviser. However, we want to make it clear that we do not have physical branch offices everywhere in the UK. You can get our services over the phone, online, and face-to-face in some circumstances.
Please keep in mind that while we may not be local to you, we may still assist you. Imagine if you had a long-term health issue that needed to be addressed. Would you rather have the person who is closest to you or the person who is the best? Now is the moment to put that critical thinking to work in your search.
Legal
Count Ready Limited is registered in England and Wales, No: 10283205. Registered Address: Unit 10, Robjohns House, Navigation Road, Chelmsford, England, CM2 6ND.
Count Ready Limited is an Appointed Representative of Connect IFA Limited 441505 which is Authorised and Regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/s/) under reference: 976111.
The FCA do not regulate some forms of Business Buy to Let Mortgages and Commercial Mortgages to Limited Companies.
The information contained within this website is subject on the UK regulatory regime and is therefore targeted at consumers based in the UK.
We usually charge fees of £595 on offer, but we will agree to our fees with you before we undertake any chargeable work. We will also be paid by commission from the lender.
Commission disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation. Whichever lender we introduce you to, we will typically receive commission from them after completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and product. The lenders we work with pay commission at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.
Disclaimer: All content on the Count Ready website can only ever provide general information and does not constitute financial advice. For this reason, we always recommend that you speak to authorised advisers for your needs. (Please be aware that by clicking onto any outbound links you are leaving the www.countready.co.uk. Please note that neither Count Ready or Connect IFA are responsible for the accuracy of the information contained within the linked site(s) accessible from this website.)
© Count Ready – 2024. All rights reserved.
