I have a help to but mortgage, will this be affected ? Does my partner need to know ?

[Emmadc58]

I have a help to but mortgage, will this be affected?
Doe my partner need to know?

[Lisa Thomas]

Hi - Do you mean Help to Buy?

I presume you are not in an IVA but are considering one?

You partner doesn't need to know except for if you have any joint debts or assets together and if you are not prepared to disclose their income (if you live together) this could affect your contribution calculations as your chosen IP will have to presume expenditure is split 50:50.

[Emmadc58]

Hi, Yes I mean a help to buy mortgage and this is the only joint debt I have with my partner.
I am considering an IVA but wanted to know how it would affect me
Many Thanks
Emma

[Lisa Thomas]

Hi Emma

There are lots of ways an IVA can affect you, which would be too lengthy to advise you on via a forum.

Your share of equitable interest is probably the biggest consideration. Depending on the circumstances an IVA could help you keep your property, which you could be at risk of losing in Bankruptcy.

Whether an IVA is the best option for you will depend on a lot of factors including what assets you have, what job you do, what your affordable contributions would be, how many creditors you have and what liabilities you have etc.

Your partner would probably receive notice of the IVA due to the interest in the joint property and his responsibility for the liability so you would need to be open about this.

Have a look at these quick videos I mades and feel free to call me if you want to chat things through in more detail.

https://www.youtube.com/watch?v=TgalT1vhn6M
https://www.youtube.com/watch?v=zrQruCDiw5w
https://www.youtube.com/watch?v=mAkQsVSCnqo