I am in in iva, I have a joint mortgage with my wife but the mortgage has no missed payments. When my iva finishes will it be possible for my wife to apply for a mortgage as we need a bigger home. I am happy not being on the deeds and will the bank recognise my wife's borrowing potential if I agree to paying in regular money in to her account
You should speak to one of the experts like Shaun Vickery as this may be possible but you may be able to get a mortgage together anyway when the IVA is over.
It will be based on your wife's income if she is applying for a sole mortgage. Agree with Michael to speak to Ryan or Shaun from this forum for their expert mortgage advice.
Hi Tim. You should really look at both options to see which works (or works best). If your Wife makes an application in her sole name then only her income could be taken into account, not yours even if you 'guarantee' to pay her. In any event not all lenders will consider an application from a married person in their sole name. Alternatively there may be lenders willing to consider a joint application and accept your credit history. It really does just depend on your own circumstances, amount of deposit you have etc.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
thank you for the advice, I am two years in to an IVA and I just cant stop thinking I have made a bad decision entering it in the first place. My wife is desperate to move she knows I am tied up for the next well 4 years now so nearer the time I will of course contact somebody.
Hi Tim Even if you had entered Bankruptcy your credit rating would have been affected for 6 years. There are pros and cons for the IVA and it is likely that this was and still is the best solution for you. Speak to Shaun for the mortgage advice.
As Lisa says there are always pros and cons but if you were suffering from spiraling debt then I suspect your credit file would have been damaged in any event. At least this way you will eventually be able to draw a line in the sand.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
