Precise Mortgages has unveiled a new exclusive debt management plan (DMP) mortgage available through its Premier Packager Panel.

It will be available to people seeking a residential mortgage with both current and historic debt management plans. Precise Mortgages’ DMP mortgage will help people who are trapped because of their debt history, giving them an option to either re-mortgage or move house and thus clear their existing debt management plan, subsequently helping them to repair their credit history.

The DMP mortgage will only be available via the fully packaged route.

Both people who have current debt management plans and those DMPs satisfied within the last three years will be considered up to 75% loan to value. DMPs that have been satisfied over 36 months ago will be considered up to 85% LTV.

Clive Willson, business development director at Brightstar, said: “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, added: “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.”