So just started my IVA 6 months ago. Currently have 17 years left on my mortgage with NRAM. My IVA is in my name and not my husbands. When my IVA is over we will need to either move house or remortgage our current home. this is because our current mortgage is interest only.
I know that it will be unlikely for me to get another mortgage for a long time after my IVA completes. Could my husband remortgage in his name only to another lender? I am just wondering if he will be penalised as I have been in an IVA. When I applied for the IVA I was told his credit history wouldn't be affected but now after reading up can see if we share bank accounts (which we do) and a joint account this may hinder his score. Just trying to plan ahead. If anyone has been through similar please let me know.
Once your credit file clears (just after the 6th anniversary, assuming the arrangement is complete by then) you will be able to remortgage at reasonable rates. In your case, with NRAM in the mix, it might be 7 years with equity release extension if NRAM have done their usual trick and made it a 6 year term from the start.
With joint finances there could be an effect on your husband's credit score as you will be on his file as an associate. It is up to individual lenders as to how they treat that nugget of information.
I see that you mention joint bank accounts and a "shared account" -- what account is this ? If it is a joint debt your husband will need to be paying this off himself.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
It will best to take professional advice once your iva ends ...the forum currently has two mortgage experts in Ryan and Shaun and I am sure they would direct you now and in the future.
There will be a solution ...
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You mention that you are looking for the future and doubt that you would be able to get a mortgage for 'a long time' after the IVA - this may be the case for some Lenders however, we have access to High Street Lenders who will look to lend normally 6 years after the IVA began.
IVA Mortgage Expert
Zebra Money Centre