I've got a question about IVAs and mortgages. I thinking of doing an IVA (currently in debt management plan of £101 per month. My partner wants to buy into a shared ownership house (deposit from family). Will I be able to get on the mortgage at all? Is it better she does it only in her name, but my income will important to the finances. If we do it together is it better that I start the IVA first? It's a complicated situation.
Once you are in an IVA, and whilst in that IVA, getting a new mortgage is a no-go. To get one in in her name alone, her income must be sufficient to service the mortgage with no help from you.
If you get a mortgage before the IVA, which might still be problematic due to your poor credit status, then the property will likely be dragged into the arrangement as an asset. Even in your partner's sole name, some IVA providers will insist that you might acquire an interest in the property that the arrangement would need to deal with, so choose a provider carefully with this in mind.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We have two resident mortgage advisers who have helped lots of forum members going through different stages of their IVA journies. It might be worth talking to them after Christmas.
Ryan and or Shaun come highly recommended and can be contacted via their profile link below ..
