www.iva.co.uk

Hi
My boyfriend has an IVA and I am deciding whether to let him move in with me. I currently have a mortgage and if he moves in then he would be applying for a joint mortgage with me. What I need to know is:
- will his iva affect his chances of being accepted on the mortgage?
- will us living as a couple affect his iva payments?
- is it a wise move to remortgage and release equity in the house to pay off the iva? (this is his 1st year of a 5 year iva)
I would really appreciate the advice has I've no idea how this could affect me financially and I have my daughter to consider.

Hi Jo and welcome

Quick gut reaction - keep his finances at arms length until his IVA is over. Its a helluva lot simpler, and do you really want to use your equity to pay off HIS debts ?

Also, the last thing you want to be in is a complex financial relationship if it doesn't work out.

Is there anything stopping him moving in WITHOUT going for the joint mortgage ?

Best Regards

I agree with go 4 broke here- whilst it's by no means certain that your equity will be at risk, to get a mortgage he will have to get the permission of his Supervisor and, to be fair, you are likley to be a better credit risk so any new mortgage will probably be on less favourable terms than you currently enjoy.

Charge him a reasonable sum as board and lodging.

Ian