is it feasible for me to go into a joint mortgage?

[dons]

I HAVE AN IVA WHICH I CURRENTLY AM 18 MONTHS INTO, I HAVE BEEN RENTING ON MY OWN FOR 1 YEAR AT 525 PER MONTH, MY PARTNER AND I WANT TO MOVE INTO GOTHER AND HE HAS HIS OWN HOUSE WITH APPROX 15K EQUITY WHICH HE CAN PUT DOWN AS A DEPOSIT, IT IS FEASIBLE FOR ME TO GO INTO A JOINT MORGTAGE WITH HIM?

[Welsh Boy]

dons

Welcome to the forum, you would need to check with your IP before you did anything, but having said that if it is acceptable to your IP you could certainly apply for a mortgage whilst in an IVA. Hope this helps -Tony

[MelanieGiles]

Hi dons

As one of the forum experts, and also a practising IP, I would have no problem with that so long as your share of the mortgage payments were no higher than the rent you are currently paying.

You will need to provide your IP with a revised listing of your expenditure to be shared with your parter, as two people can generally live cheaper than one so this may give rise to an increase in your disposable income.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Hi dons,

i agree with Melanie, you should speak with your IP and provide him him a new expenditure list. Once your living with your partner you will be charing expenses so you could expect a higher DI.

Best Regards,
Michelle P.

[iva experts]

Hello Dons and Welcome to the Forum,

Just to echo what the other forum experts have already advised, I would definitley contact your I.P as they know the specific terms and conditions of your proposal.

As mentioned if your part of the mortgage payment is less or the same as the amount of rent you are currently paying, I dont see why this would be a problem.

Please feel free to post your outcome once you have spoken with your I.P.

Best Regards. IVA Experts

[Oliver]

Agree with all of the above. This is certainly possible. As said you will need to complete a new income / expenditure report but I am sure that this will be allowable by your creditors as long as it does not affect your ability to make your monthly payment.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[dons]

i have been successful for 18 months in an IVA, whilst renting at 525 a month + bills on my own, the mortageg payment would be 600 between us spilt bills etc. I have aske my Practioner, and her assistant says the agreement states no further credit, but if i would have done it without aksing her she wouldnt have known? my little boy and I were all set to move on to a new start and a new life, which seems a distant memory. moving into the house my parttner has is not an option because of bedroom space? anyone help???

[ivoriva]

I would think the agreement actually says no further credit without the permission of the IP. So ask to speak to the actual IP rather than the assistant. Maybe draw out a new envisaged I&E to compare with how things are now. If it works out you'll be giving a better return to your creditors, make this clear to the IP. I cant see why it would be a problem.

The only other option is can your partner apply in his own name, so that you arent taking on credit until your IVA is finished? An IP cant force you to stay where you are, so you could then move in? You would still need to do a revised I&E to take account of the shared bills, and put down your contribution of the mortgage payment as rent to your partner. I think if you are doing a I/E as a share, your share of the bills equates to your % of income compared to his. IE if your combined income is 30k, he gets paid 10k and you get 20k, then you are responsable to pay for 2/3rds (66%) of the bills.

[Oliver]

I think that you should discuss this further with the actual IP. As long as this proposal does not negatively impact the creditors I fail to see why it would be a problem.