New dmp....what happens to mortgage?

A question about : New dmp....what happens to mortgage?

Hi all

We are about to embark on a dmp which is going to take between 9 - 12 years to complete paying Ј300pm.
Our current mortgage is on a fixed rate at 2.99% and has a further 3.5 years left on that rate after which we would have been able to remortgage for the 12.5 yrs left to a different lender. We understand that, that option is no longer there but will Nationwide allow us to stay with them either on base rate or on another of their products or will they know that we are on a dmp and decide they no longer want us as customers and take the mortgage off us?
We have never missed a payment on our mtge which is for Ј166k, however our property is worth Ј400k.
We do not want to sell as my mother lives with us
(It was originally her house) and also it's a bungalow and I have MS so it is perfect for me to get about.......but because of the amount of equity could they force a sale?

Any help or opinions is really appreciated.

Thanks

Best answers:

• I've been on my DMP for 3 years and sadly DH has just started one too. We were coming to the end of a fixed rate, so I just left us on the standard rate when that finished. The bank has never queried anything with us. We have never missed a payment. When the fixed rate ended, DH was redundant so we weren't in a position to negotiate a new deal anyway. I'm almost redundant now so I'm just hoping the interest rates don't hike. Good luck
• you maybe lucky and after the term has ended have nothing still showing on your credit file. have they all been defaulted?
• Skipton let us move to a new fixed rate, my debts were paid off though, but I still had 6 defaults, but OH has an unblemished credit record. I asked at HSBC about a mortgage (where we bank) and I was not allowed any kind of lending because I have a basic bank account, and I'm not allowed a normal current account for another 4 years with them.
• Hi Thanks for your replies.....I've so many questions and typically these pop into my head in the early hours of the morning and then can't sleep beacuse I'm then panicking.....what if what if what if........so thanku for putting my mind at rest