Hi DASdude and welcome.

It is possible to move home while you are in DAS.

You would need to contact your money advisor if your monthly bills increased and/or your address changed. You would need to be conscious about whether a realistic DAS payment remained affordable for you otherwise the DAS may cease to be a useful tool to clear your debts.

The main challenge is likely to be finding a lender who will provide you with an increased mortgage while you're in DAS. If the DAS started in the past few years, this could be very difficult I'm afraid.

Thanks for answering my questions. I am early on into my DAS and likely won't move home at least for another few years taking me towards the final couple of years of the DAS if all goes to plan. Ideally I won't move if I can until it's complete.I am aware of adverse credit mortgage brokers although I fully understand nothing is guaranteed and it is more costly. It's good just to be aware of options, when I read other forums people can be very negative unlike this forum where you get a clear honest answer to questions which I appreciate 🙂

Hi DASdude and welcome to the forum.

I’m not an expert on credit ratings or mortgages but based on my experience I think it would be difficult to secure a mortgage or further finance whilst in an active DAS.

I suppose from a lenders perspective you’ve experienced financial difficulties and had to enter into a plan to deal with the debts so that might make them nervous about lending you money even if it’s secured against a house.

The positive success stories we hear from people going onto secure mortgages or further borrowing on an existing product is when they are out of a plan and have also tidied up their credit report.

What’s making you think about moving house in the future?

Hi David,

Thanks for sharing your professional experience. I may require to move areas in the future due to work but not at the moment. Also with having a family our house is very small so it was looking ahead really at our options. It maybe the case I focus on paying down the DAS as fast as possible if income increases which it may do over the next year.

DASDude

I agree with David.

Not wanting to be the bearer of bad news however one of the conditions with your DAS plan is that you agree not to take on further borrowings - this unfortunately also covers re-mortgaging.

Just like David, the number of positive stories of clients obtaining secured finance and moving in the future should be encouraging for you in the future.

Hi Paul

Many thanks for the reply, I did wonder did the DAS rules apply to mortgages as well or if it was just unsecured credit. Interestingly was there not recent changes to the rules that you are able to borrow up to £2000 without declaring it? Am i correct or did I dream it?

Cheers

Hi DASdude.

I believe you can borrow up to £2,000 during DAS, but only if you don't already owe £1,000 or more that isn't included in your DAS.

You'd also need to be able to afford the credit repayments on top of your existing DAS payment. I guess this would only happen if your income went up, your bills went down, or if you were to cut down on other general expenditure.

I think this provision is really just meant to help people work through a short-term money emergency (while keeping their DAS up and running).

Thanks for the response TDA.

Do you know is the £2000 borrowing applicable to both parties in a joint DAS or is it each person involved can borrow up to £2000 if necessary?

I don't know the answer to that DASdude.

Hopefully one of the other experts will know.

I thought I'd replied to this at the time - but obviously not!

I'd heard of people in a DAS getting car finance credit so I took a punt and called the DAS helpline [:I].

They said that if someone wants to get a new mortgage or car finance or something they should "apply for a variation for essential credit". If the variation gets approved then it's OK to get the credit.

I hadn't seen DASdude's other question about how the £2000 borrowing works in a joint DAS so I didn't ask that. Might be worth calling the helpline DASdude [:)]

Thanks for the additional info Candlewick 🙂