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Victorious
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- Joined: Mon Jan 26, 2015 7:38 pm
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Hi
This has been answered but a long time ago and just need some advice.
Me and my partner are looking in to shared ownership. My partner has been in an IVA for 2 years. I have a deposit for a house but would need a mortgage to make up the 35% share. I have looked into doing everything on my own without my partner but my wage is much lower than his and I'm really struggling.
I was wondering if it's possible to make a joint application and if this would actually help or hinder our situation.
Victoria
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luluj
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Victorious
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ilikewatch
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Although it won't hurt to speak to the experts,I would be amazed if any lender would take on new mortgage business from someone in a current IVA, or if your partners IP/current creditors would allow him to take on tens of thousands in new debt.
Also, by making a joint application you will become financially linked and your credit rating will be trashed too.
I guess a broker may know of a lender who would accept a mortgage in your sole name, but taking into account that your partner will be providing some financial assistance (like having a lodger?) - sort of like counting your partners contribution as additional income of yours...
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
