Help Re: DAS (SCOTLAND)

monday_blues

Yes its a joint mortgage with Santander. That's why I thought if the hubby could continue with the loan also Santander, then they would be more amenable to us in the future when it came to fixing?

rising_from_the_ashes

I don't think it would make a difference if your DH pays the joint loan as if the mortgage is a joint one, your credit will still be taken into account. There's nothing called "loyalty" these days unfortunately.

A mortgage adviser would be the best to comment (try the mortgages board - there's a few MAs on there).

TBH who knows if San*tander will still be around (in it's current form) in 6 years time .....

monday_blues

Thanks for your continued input Rising from the Ashes, its useful to get your viewpoint and it does make sense, good to see it from another's point of view. Sometimes you cant see the wood for the trees!

rising_from_the_ashes

Hope I've not come across "too strong" - just speaking from my own experiences of trying to sort debts out and managing to sort 1/2 but still struggle with the other 1/2 (and end up in more debt).

I wish I'd just "bitten the bullet" and gone into it 100% at the start - sure it would've been a lot less stressful and easier to manage (and probably DF sooner!)

Good luck

monday_blues

Not at all Rising From the Ashes, that's why I was asking you, really appreciate viewpoint. I must say though, am still nervous despite all that has been said. Maybe that's natural, I dont know. One minute I'm all for the DAS, the next I'm panic stricken and still cant believe its come to this!!! Did you feel like this, does it go away?

Miss_Poohs

Hi MB - when I discovered my husbands debt my stomach was one massive ball of nerves, every time I thought of the enormity of what he owed (£80,000) I could have quite happily have ran for the hills. Obviously I knew there were relaionship issues too - but the thought of owing all that money scared me stiff.

The DAS was and is a life saver - but being nearly 4 yrs down the line with it - yes sometimes it does feel like a bloody great mill stone round our necks.

My husband felt strongly about paying the money back - as well as having a responsibility to me there was our young son and the loan he'd secured against his elderly mothers home!! So in reality he really didnt have many options.

The DAS route isn't any easy path, it's a massive reality check and a steep learning curve - in our case there weren't many options which gave the security of a longer payment time with no further interest or charges added.

There are going to be pros and cons what ever choice you make, you just have to work out which are most important you and your family.

I wish you the best of luck.

monday_blues

Miss Poohs maybe that's how it will always feel until its paid off, like, its just always there in the back of your mind ready to spring forward and frighten you again, but then the last few months have been awful and the stress of worrying is horrifici in itself. I think it is sensible thing to do and all in all it sounds like a good scheme, I've noticed this last week lots of adverts from the office DAS website on tv and in the papers, and 4 page spread in the local newspaper today. Is good to hear your story too. Thanks for everything, good luck to you too.

Miss_Poohs

Thank you MB - I have recently come into money in the form of a family inheritance - so we're going to attempt F&F offers - nothing ventured nothing gained.

Watch this space and I'll keep you informed of our progress (or not!!!!)

monday_blues

Good luck with F&F. Do you know how bad your credit file looks with the arrangement in place - have you kept an eye on that or do you think its best to ignore till midway through the plan? do you think they'll accept F&F offers ?

sarah1111

Hi MB,

Have to say on paper the DAS think is a good route, I've had quite a few hiccups but really once you go into it your credit score is goosed regardless, so I am still riding out the storm one year on (no choice).

I am praying like mad it settles soon!! But I think I am one of those cases where if it could go wrong it has!!

I am in a DAS but my OH isn't. We have a joint mortgage and are hoping that when the time comes to be on the variable part of the mortgage (next December) that the interest rates are still low enough for us to cope. Our fixed rate bit is about 3.5% more than the current variable rate so we are hoping we have a bit of a buffer. So far it is working out ok for us, and i think it is do-able.

I think it is worth discussing all with your MA.

Good luck with whatever you decide!!