MORTGAGE AFTER DAS

JJ2184

I recently came out of a DAS arrangement paid off in full in March this year however I have been continually declined for a mortgage!!!  I am trying to get one with my husband however they refuse to put me on any mortgage application and say I need to be free of the DAS for at least 3 years.  Any advice???  We have a deposit of around £20k

K_S

@JJ2184 I hope you are talking about 'declines' at the soft-check DIP/AIP stage and not full applications involving hard-footprint credit checks!

If you haven't already, I would recommend speaking to an adverse broker to get a realistic idea of your chances. Do keep in mind that DAS being limited to Scotland, not all brokers will know the implications. Most lenders will treat it like a bankruptcy or an IVA while a few will look at it more like a DMP.

If you can borrow what you need on your husband's income alone, that would be the most straightforward and cost-effective option. When it comes to remortgage time in a few years you could look at doing a transfer of equity and adding your name to the mortgage and deeds.

You should have specialist (not high-street rates) options from day 1 after a DAS has ended, though they will be limited (more so if you are buying in Scotland) due to how recently the DAS has been satisfied. I can't really give any further useful comments as your options will depend on things like LTV, what is actually in your Experian and Equifax credit reports, the reason for the adverse history, etc.

Edit: I've asked for the thread to be moved to the Mortgage board, you might get other useful views there as well.

JJ2184

Hi many thanks for replying. Yes I mean declines at aip. Even the not on the high street ones are declining me! Apparently as it was a DAS and not a DMP that’s the problem 

K_S

JJ2184 said:

Hi many thanks for replying. Yes I mean declines at aip. Even the not on the high street ones are declining me! Apparently as it was a DAS and not a DMP that’s the problem 

@JJ2184 I would be surprised if you had no options at all unless you were falling short on the deposit. Can't really say much more than recommend that you speak to an adverse broker. Good luck!