I have been in an IVA for just over 2 years now. Things change and I am about to move in with my fiance and we are hoping to be married in September 2009.
I have been completely honest with my fiance about my IVA but she has some obvious concerns things that I myself have no idea about, so I hoped that maybe one of the experts on here could point me in the right direction. If I cover all of her concerns in one then she can read your response too and hopefully it'lll all be good news
1) Im moving into my fiances house and which she has a mortgage on. Will the IVA or my debtors have any rights to go after her house or any of her money once we are married?
2) Her mortgage is up for renewal next October and she is concerned that by me living in the house and being attached to her financially that she might have a hard time renegotiating. In the given financial situation would the banks/mortgage lenders use me being in an IVA to turn her down?
Thank you very much for taking the time to read my questions and help us out.
I am pleased to confirm that neither your IVA Supervisor nor the creditors will have any call over your fiance's property. Your credit rating may affect her getting a mortgage, although it is hard to tell what might happen in the mortgage marketplace over the next year.
Could you clarify the second point, when you say my credit rating may effect her getting a mortgage - does this mean that after her 2 year fixed term comes to an end, that she may not be able to get another mortgage (renew) or that the mortgage rates may be higher, taking into consideration my credit rating?
I am sure that she will be able to get a renewed deal from her current lender, however it may be difficult for her to go outside that company. It would be better if she took her own advice on this from a reputable mortgage broker.
Melanie, sorry to keep covering the same sort of things, I looked into it and from what I can tell from credit referencing agencies as long as my fiance distances herself from my debt and we don't have any joint accounts I shouldn't effect her credit rating and she should be ok come mortgage renewal time is this the case or am I missreading what I have found?
