In November 2012 I decided that entering an IVA was the best option for me after a failed business venture. The project was funded personally; I accrued a lot of debt trying to keep the business afloat.
My wife has a couple of buy to let mortgages’ in her name; she inherited them from her grandmother. In our fourteen year relationship we have always both been financially independent apart from splitting payments fifty , fifty on our family home, we moved in 2010.
Her current mortgage rate comes to an end and she got offered a significantly better rate, she also wanted to release some equity she has in the property to make building improvement to them. However she was turn down on the basis that I’m in an IVA. As we have a joint mortgage on our family home the lender concurred that we where financially linked. Her credit report is impeccable and she has a credit score of 999.
I’m gutted on behalf of my wife; she has always been supportive of me and has kept her financial affairs in order. I feel aggrieved by this and believe it unfair that my past failures should affect her.
She used a local mortgage broker who is a friend of the family, I’m hoping somebody can pull a rabbit out of the bag and advise her if there are any routes she can go down to gain a remortgage.
I am afraid that you are linked financially by virtue of the joint mortgage. Some lenders might overlook the situation. It might be worth having a word with Ryan and or Shaun, who are two brokers with experience of adverse credit. You can find their details here. Scroll down to the experts details section.
