Hi,
My husband and I currently have a mortgage and he is the main earner as I am now part time since having a child.I will be entering into an IVA in next couple weeks - but if we want to move / re-mortgage in couple years will be possible if I have the IVA? Will it effect his credit rating if I have the IVA and he doesn't?
If you are needed for the new mortgage in a couple of years time you will, most likely be refused as your credit rating will be trashed for 6 years at least. There will also be a restriction placed on the current property to prevent its sale. Don't forget you will need to address equity at month 54 and either release some or extend the IVA by 12 months.
As you are linked financially your reduced credit rating will impact on your husband's credit score by association --- how much this bothers creditors, should he apply for credit in the next 6 years or so, will depend on the individual lenders attitudes.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You will struggle to remortgage while in an IVA but your credit file will clear up eventually. If you have debts that you cannot repay your credit file will already be damaged so the IVA may be the right thing to do.
