Hi all - hope you can help.
My partner has an IVA, just coming up to it's second anniversary. He has his own 2 bed home with mortgage, whereas I rent my 3 bed property. I work part-time and have 3 kids, he works full time (just painting the picture!)
Now, we would like to live together as a family, but would like to buy a property. Is there any way this could be done, sooner rather than later[?] We know his creditors won't be happy if I cost him money, but, as I've managed my home and brought up the kids on my salary we feel the same would happen when living together and would therefore cost him no more.
Is it feasible that we buy a new home soon, or would it be better if we wait till the end of his IVA? We want to be able to plan our future together, and not knowing is driving us nuts!!! [:D]
Hi
If your partner can maintain his IVA payments when you both purchase a property then it should be fine.
He will need permission off his IP and a good sized deposit,say 20%
Good luck
Your partner will need to check the terms of his IVA to see whether selling the property is an option - as it is likely that he will have had to offer up some of the equity in that property during the final year. If so, any money he makes from the sale of the old property woudl need to be reinvested in the new one, and you would have to agree to a remortgage at the end of his IVA.
A quick call to his IP ought to do the trick, and may I wish you the best for the future - together!
