Hi xxciaraxx. He might find it difficult to find a lender willing to extend a mortgage to him given that his credit rating will likely be poor. When his DAS was set up then he is defaulting on the contractual terms of his debts so they would be marked as such on his file. Once the DAS is complete then his file should be updated to show the debts as satisfied so that should certainly help.

Having said that, there may be lenders out there that would be willing to look at it just now and a person's credit history is only a part of the story - if he has a reliable income and can show good affordability then that can go a long way too I think.

He might be best served speaking with a mortgage broker to see what is available.

Hi Kevin,

Many thanks for your reply. We approached our usual mortgage adviser and she has advised that she has found a bank willing to lend, so fingers crossed.

Ciara

Sounds promising - can you let us know how you get on please?

Hi Kevin,

Yes no problem. I have confirmed that not only does he require a mortgage but also additional borrowing to buy me out so I will let you know!

Ciara

Ciara, which mortgage broker is it? I am on a poor rate and assumed no lender would touch anyone still in a debt plan. It might be worth me speaking to them.

Hi CIF, apologies for the late reply, the Mortgage Broker that we used was Capital Managers in Glasgow. Good Luck!

oh I should also say that he has been accepted for a re-mortgage plus additional borrowing so fingers crossed it all goes through

Thanks for the update, Ciara. That's great to hear. Fingers crossed.