If I get an IVA how will it effect a remortgage or my husband's credit rating ?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
Posts: 1
by teresa141 » Wed Apr 19, 2017 3:43 pm
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?
User avatar
Forum Expert
Posts: 24901
by Foggy » Wed Apr 19, 2017 4:14 pm
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.
User avatar
Michael Peoples
Industry Expert
Posts: 15189
by Michael Peoples » Thu Apr 20, 2017 9:32 am
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.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 32 guests