am i out of the equation ?

[suzu]

My girlfriend wishes us to get a house in the next 2 years but i still have 3 to go on my iva .She will have a good deposit and her wages are very good can my income still be taken into account or am i out of the equation

[MelanieGiles]

Hi Suzu and welcome to the forum

There is no problem in you applying for a mortgage with your girlfriend, so long as your repayments are no more than you are currently paying in rent. Your income can therefore be taken into account for the purposes of the calculation.

[Andrew Graveson]

Hello suzu,

To confirm Melanie's comments your income certainly can be brought into the equation.

It is very likely that your status as being within an IVA might add a premium to the interest rate payable and exclude certain lenders but this as always depends on the specific circumstances involved.

You may or may not find that the benefit of including the additional income outweighs the possible issues involved.

A good sized deposit is likely to be important so saving as best as possible could work to your advantage.

A good mortgage broker would be able to help you navigate your way through this when the time is right.

[AlanO]

Hi Suzu - Also may be worthwhile to have a trust arrangement between you and your girlfriend so that it can be clearly established that the deposit was from her funds and that the equity equivalent to the deposit is hers.

All the best Alan

www.debtdr.co.uk