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DAS Mortgage

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29/06/2021 - 4:39 pm

I have just completed a DAS in Scotland, this is not insolvency or anything like an IVA but have read worrying things about mortgage providers treating them as such. The defaults and DAS wont come off my credit report until 2023 but was hoping to buy a house mid - end of 2021. Would I require a really high deposit?

Guest

29/06/2021 - 4:40 pm

Hi, thanks for getting in contact.

I'm afraid a significant deposit is likely to be required however the exact sum will come down to the finer details.

I would expect the deposit requirement to be within 20% - 30% depending on the exact dates/amounts etc

Guest

29/06/2021 - 4:41 pm

Thank you for getting back to me. That amount of deposit seems to be impossible, is there any reason for this? Why would it be treated like an IVA when it is specifically a way to avoid insolvency?

Guest

29/06/2021 - 4:41 pm

The way this type of arrangement is viewed will vary between lenders with some viewing it as more of a DMP (debt management plan) however even in that scenario the deposit requirement remains high I'm afraid.

Guest

29/06/2021 - 4:41 pm

Sorry to ask more questions - in a situation like this if I used a shared ownership scheme, like the first home fund (£25k towards deposit), would this be an option for someone like myself to bring myself up to the 20-30% bracket? There seems to be a limited number of lenders with this however

Guest

29/06/2021 - 4:41 pm

Unfortunately the First Home Fund is due to end this Friday, I would pay close attention to the Government website on this though so that you'll be aware if and when it gets re-launched.

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