Can I take out a secured loan while my husband is in an IVA?

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helen132
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by helen132 » Tue Apr 03, 2018 8:57 am
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My husband is 4 1/2 years into a 5 year IVA. I would like to take out a secured loan on our property which has a joint mortgage.
Am I able to do this using my share of the equity in the property or will his IVA prevent this?
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kallis3
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by kallis3 » Tue Apr 03, 2018 9:01 am
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Your credit record is shot due to your joint finances so I doubt if you would be able to.
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helen132
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by helen132 » Tue Apr 03, 2018 9:30 am
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kallis3 wrote:
Your credit record is shot due to your joint finances so I doubt if you would be able to.

My credit rating is 970 and I haven't had any problem getting personal credit while he has been in the IVA
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Foggy
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by Foggy » Tue Apr 03, 2018 9:34 am
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There will be a restriction on the property which a potential lender will discover and probably reject the aplication. Also the IP will not allow you, at theis stage, to reduce the equity in the property (in law it will not just come out of "your share"). finally, if the property is in joint names I doubt you would be able to take out a secured loan without the involvement of your husband.
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