Afternoon I'm going to see a mortgage broker tommorow as my ex wants to take her name off the mortgage which I'm happy about as I can get to keep my home with the kids. Would it effect Iva in any way as we are both interlocking our payments and we have 2 years left on the Iva . I am willing to take her name of the Iva and just keep it for myself . Can that work in this case , any advice be most grateful xx
This may prove to be very difficult and would need the IP approval even if you could source the mortgage. Your current lender may agree if you can show you can afford it on your own but this would mean all the equity in year 5 would be yours and not your wifes.
Hi Michael thanks for your reply , I am currently with your firm and I asked a few months ago and was told on the phone it would be fine . I have sent you a mortgage statement and house valuation and I'm 35k in equity . My ex says she doesn't want nothing and said that I can have Iva in my name which I'm fine with as I can get to keep my house
Also can I sell my house within the Iva and if I walk away with 30k how much will Iva take as may need it to start a new home for me and the kids. Really worried on what to do for the best xx
You can normally retain 15% of the equity within the property but this is only guesswork as I do not know the full details of the file. However creditors are normally sympathetic to closure in circumstances such as yours and they normally allow sufficient funds to relocate, deposits, rent in advance etc.
It does sound like a variation to close may be the best idea but if there are interlocking IVAs it may be best to close both at the same time. If your ex is happy for you to have anything else then that would be between yourselves and should not be an issue.
Contact the office and speak to myself or the manager of the supervision team Roisin and we can look into the best options for you.
Last edited by Michael Peoples on Tue Aug 05, 2014 9:31 am, edited 1 time in total.
