I've been in my Iva over three years after splitting with my former partner. We had/ have a house in joint names and I have been paying the mortgage for years with no missed payments. Basically I need to re-mortgage and remove my former partner from the house (we have agreed on this) to keep a roof over mine and my sons head. I am with TSB at the moment and in full employment. The IVA is with McCambridge Duffy and I beleiev ends a year in October.
tricky if you need to re-mortgage, you will be credit checked (just to see your current commitments)if there be an IVA on your CR you'll get turned down. If you can hold on and do nothing until your are free from your IVA (that six year thing) you stand a much better chance. There's a couple of mortgage brokers in the members section Ryan or Shaun who can fill in the gaps if you need
more info.
This would be very difficult to do unless your existing lender agrees. You also need to speak to the office as the equity in the property will need addressed before the end of the IVA. It may also be worth seeking legal advice.
I doubt that the mortgagee would entertain this, whilst you are in an IVA, as they will probably want to keep your partner on the mortgage in case you subsequently default on the repayments. What advantage do you perceive this would bring you at present, and is there any equity in the property at today's valuation?
If you were (IVA aside) able to release your ptn from the mortgage and he signed the deeds over, you may face the prospect if there were equity, paying double back to the creditors from the current standpoint, as the other 50% equity technically would still belong to your ex ptn.
May pay to wait. Either way, these sort of arrangements will probably need legal advice and services, from my own experience, solicitors can be very wary of just signing things over without going through it, with a fine tooth comb
Looking at the house with an honest eye, I doubt there is much if any equity in it (barring the mad state of the housing market in York).
The issue I'm having is I have been paying pretty much everything on the house for the last three years since me and her split.
I'm only looking at this now as she has split with a recent partner and gone opff the rails again leaving only me to give our son stability. In order to do this She agrees everything about the house needs to be in my name and any equity I need to agree or try and pay out (unlikely there is anything in it.)
I could continue at the status quo if needed but it does notheing to prevent her from putting the house on the market making me and the boy homeless essentially.
The only alternative suggested is to go to arbitration and agree what to do post IVA.
Upside though is another one of my creditors has had to pay back a good chunk for misselling PPI into my IVA.
If your partner is not insolvent, there is nothing stopping you from entering into a deed of trust with her, confirming that she no longer has any claim to the equity either now or at any stage in the future. She would still be jointly responsible for the mortgage, but I guess that is her issue and not yours - at the end of the day you cannot force the mortgagee to release her if they don't wish to.
Some really good advice already provided here. Whilst I fully appreciate your position, I'm afraid, even if your IP were to agree, no new lender is likely to offer you a remortgage given your current position and this may also have the unwanted detrimental affect on your IVA itself.
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