buying a house, help

[james.c]

To people who read this forumn alot will now my partner is having twins but we do not live together.

We are considering buying a house together, for about 250k.

My partner as about 100k deposit to put down, to get the mortgage we can not work off her salary as she will get maternity pay for 6 months and then she gives up work.

My salsry would get us the mortgage we needed, but what about the interest rate?

I currently dont have the equity release in my IVA because i dont own a house, but if we bought a house in the situation i moght have to agree it, but this would be un fair to my partner as she would put down 100k deposit and i ot my debts before i met her, so she as not gained from debts.

Is their a way round this, so she could be the sole ownner of the property, have her name only on the mortage to bet a better interest rate and in affext i become a guarnted lodger paying her rent every month so she could get the mortgage?

[Andrew Graveson]

Hello James,

I don't think that a home purchased after an IVA agreement is entered into would be subject to an equity release clause. You should check your IVA agreement and perhaps one of the IP's will give a view.

An IVA would probably affect the interest rate payable on a mortgage but there are lots of lenders who welcome such cases. A good mortgage broker experienced in such IVA-connected cases could investigate the market for you according to your circumstances and needs.

The fact that you collectively have a good sized deposit is likely to be helpful.

[MelanieGiles]

Andrew is correct - the house would only become of concern if you were to buy it and sell it for a profit during the IVA, when the profit element could well be deemed to be a windfall.