would we be able to get a joint mortgage

[james.c]

I have been in a IVA nearly a year, now in a relationship and we would like to buy a house luckily my partner is willing to put down a £100,000 deposit, would we be able to get a joint mortgage and if so would me been in a IVA affect my partner?

[Adam Davies]

Hi
With a thumping great deposit like that you should have no trouble getting a mortgage.You will need to inform your IP and get their permission and as long as it does not impact on your IVA payments then all should be ok.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

And if you are not already living together, but intend to in the new property, your IP will want to see how you are apportioning shared costs between you, to ensure that you are not paying more than your fair share at the expense of your creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[james.c]

thank you for your answers

To put you in the picture, I got divorced 3 years ago due to my having an affair and I wanted everything tieing up asap and we had joint debts not only did i end up taking on the debts i also paid her out 45k and ended up after 2 years of struggling wnet for an IVA.

At the time I went in to an IVA i owned a house with a 100% mortgage so sold this house to clear it and was going to rent a house, i was with my current partner then and she said instead of renting move in with me as basically we spend all our spare time together but i was concerend that i did not wher to get involved in y money situtaions and also it cost her, so we signed a rent agreement i pay her rent and hald the bills, i have not been open and admitted this as far as the IVA is concerned i rent the house on my own. When I when in to the IVA i owed £22k but will end up paying about £20k but the interest will not build up etc etc so overall its saved me alot of money.

I was going to go for bankcruptcy but irrspective of the reason why i was in debt I wanted to pay my debt back. I now know some one one went banckrupt 2 years ago over £30k and never had to pay any money back, now has a credit card, overdraft and just got a mortgage, so I often wonder if I have done the right thing and should of gone bankcrupt instead. The main reason i have read why people go in to an IVA and not BR is because it becomes public which does not bother me.

How ever having said the above i would have thought if i could get a joint mortagage and still maintain the monthly payment for my IVA that should keep my creditors happy or should i go bankcrupt and save my money and then buy a house in 5 years, if i can get a mortagage 5 years after going BR

[MelanieGiles]

I personally feel that the main reason that people go into IVAs rather than go bankrupt is because they feel responsible for their debts and wish to pay as much back as they can. If I were your partner, I would not put you on a joint mortgage until your IVA had concluded. If she has so much money to use as a deposit, have you considered the option of using some of that to pay off your IVA early, and then starting again debt free. You could always treat this as a loan from her to you, and repay it using the disposable income you were using to fund the IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk