Iva , mortgage and parents!

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Pigger479

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Post by Pigger479 » Wed Feb 28, 2018 11:28 am
Was chatting to my parents and we were discussing them buying us a house (using their own as collateral) that we would pay the mortgage for and when Iva is over we could take over? Is this even possible or are we just dreaming ?

kallis3

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Post by kallis3 » Wed Feb 28, 2018 12:00 pm
Sounds ok to me! What generous parents.

You'd have to wait for your IVA to drop off your record before exploring options.
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Pigger479

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Post by Pigger479 » Wed Feb 28, 2018 12:04 pm
kallis3 wrote:
Sounds ok to me! What generous parents.

You'd have to wait for your IVA to drop off your record before exploring options.

If creditors caught wind of it could it be used against me as an asset? What happens if I couldn’t get a mortgage after? I would hate to do anything that would negatively affect them

kallis3

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Post by kallis3 » Wed Feb 28, 2018 12:17 pm
I imagine it would be ok if the house is in their name to start off with
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Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Foggy

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Post by Foggy » Wed Feb 28, 2018 1:15 pm
If the house is in their name initially you will be tenants --nothing wrong with that. You can explore purchasing once clear of the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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luluj

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Post by luluj » Wed Feb 28, 2018 3:32 pm
Agree with foggy and kallis you would be tennants and therefore nothing to worry over - my only question is are you currently renting at the moment or living with parents ? Can you afford the rent and household bills - does your IP agree to this potential change of circumstances ?
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Ryan

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Post by Ryan » Wed Feb 28, 2018 4:48 pm
Hi Pigger,

I agree with Lulu. As long as your IP is happy then it shouldn't be an issue and with regards obtaining a Mortgage then once the IVA is completed it should certainly be possible, subject to affordability, etc.

Regards
Ryan Radford
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Pigger479

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Post by Pigger479 » Wed Feb 28, 2018 6:04 pm
luluj wrote:
Agree with foggy and kallis you would be tennants and therefore nothing to worry over - my only question is are you currently renting at the moment or living with parents ? Can you afford the rent and household bills - does your IP agree to this potential change of circumstances ?
I already rent a house so I imagine the mortgage payments would already be in the same ball park .. haven’t spoke to IP as we were just kinda bouncing ideas around. Thanks for your help

Pigger479

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Post by Pigger479 » Wed Feb 28, 2018 6:06 pm
Ryan wrote:
Hi Pigger,

I agree with Lulu. As long as your IP is happy then it shouldn't be an issue and with regards obtaining a Mortgage then once the IVA is completed it should certainly be possible, subject to affordability, etc.

Regards
Once IVA is completed would I have to buy house of parents and start mortgage again or would I need a mortgage for what’s left to pay on theirs? Could I just take it over as it would of been me paying it all along?

Foggy

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Post by Foggy » Wed Feb 28, 2018 6:26 pm
Pigger479 wrote:
Ryan wrote:
Hi Pigger,

I agree with Lulu. As long as your IP is happy then it shouldn't be an issue and with regards obtaining a Mortgage then once the IVA is completed it should certainly be possible, subject to affordability, etc.

Regards
Once IVA is completed would I have to buy house of parents and start mortgage again or would I need a mortgage for what’s left to pay on theirs? Could I just take it over as it would of been me paying it all along?
You would have to start a fresh mortgage for whatever amount they are willing to sell the property for . They do need to be mindful of inheritance tax if they sell at undervalue and pass away soon afterwards ( though let's hope not!).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/
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