Hi I took out my first mortgage 2 years ago, and earn a stable steady income. My partner has an IVA with 2 years left. How would this affect my credit /property if I were to add him onto my mortage within the next two years?
Would my property then become subject to his IVA should anything go wrong (e.g he fails to pay back for any reason), as it would then be classed as one of his properties ?
And would his IVA then lower/damage my credit?
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He did not know the answer and suggested I contact you directly.
I am often unable to answer mobile due to work, and so email would be preferred.
Even if a bank allowed it your credit rating would get trashed as a consequence.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
If he gains any title to the property then he will need to seek to release equity towards the end of his IVA. Your credit rating will be tainted and, in any event, I doubt the bank would agree, due to his credit worthiness ( or lack of).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
