Can our children put mortgage application for us? We are in IVA.

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by tracie850 » Thu Jun 08, 2017 4:11 pm
Hi we have 18 months left to go in our Iva and need to move to a bigger house due to overcrowding.
We have £100000 deposit and 4 people to put on the mortgage application who are our children is this possible or do we have to wait the new property is £350000.
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by Foggy » Thu Jun 08, 2017 4:15 pm
You will not be able to sell the current property as there is a restriction on the title -- nor will you get a new mortgage while the IVA is on your credit files. The children might, if purchasing together, without you on the deeds or application -- but that is outside the IVA.

When the transaction comes to light your IP will query where this £100,000 deposit has come from and might seek to have it paid into the IVA .. so do tread carefully.
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by Ryan » Thu Jun 08, 2017 4:32 pm
Hi Tracie,

Pretty much as Foggy has already said with regards yourselves - if the deposit monies were available without your existing property being sold it would depend where the money has come from as to whether your children could use it as a deposit. Lenders have really cracked down on where deposit monies are allowed to come from.

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Lisa Thomas
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by Lisa Thomas » Fri Jun 09, 2017 8:55 am
Where has the deposit come from?

Consider using the funds to offer a Full and final and finish early, bearing in mind you may have to add 12 months to the term in lieu of the equity, depending on your terms.
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