Mortgage following separation

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stuc

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Post by stuc » Wed Sep 23, 2020 8:37 am
I am currently in an IVA since Feb 2019 and paying £97 pm. (Total Debts Approx £16,000)
Me and my wife have separated and she is moving out of our mortgaged property 05/10.
Obviously a charge on the property is likely to make is hard to remortgage to give her any share of what she’s entitled to, but she’s also suggested removing herself from the mortgage- I assume the lender would need proof i could keep up repayments alone?
I feel stuck between a rock and a hard place as I don’t know what to do for the best, I believe I could still afford the mortgage alone as it’s a low value property.
Would the IP need to be contacted to tell them my change in circumstances?
And what are the chances of letting me remortgage to pay her out?

Foggy

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Post by Foggy » Wed Sep 23, 2020 9:26 am
The chances of the mortgage lender removing her from the mortgage are slim to nil. as would be remortgaging at the moment.
Your IP would need to be kept in the loop as your I&E will change and you are on a relatively low payment at the moment, so the IVA might not actually be viable.
Maybe a quick chat with a mortgage broker, experienced in adverse credit, would help. We have two who post regularly on here; Ryan and Shaun. They can be contacted through the details on their profile pages:

Ryan: memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837
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

stuc

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Post by stuc » Wed Sep 23, 2020 4:12 pm
Thanks for the reply foggy,

So I’m guessing the only way to remove her from a mortgage on a property she won’t be living in would be to sell the property?

What happens when an IVA become unviable? Do I automatically get sent towards bankruptcy or could I deal with creditors directly?

I have done my own I&E calculations and as the wife had a car on finance which would no longer be my responsibility I think I could afford the outgoings, but I suspect with the IVA I’m classed as high risk to any lender.

kallis3

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Post by kallis3 » Wed Sep 23, 2020 4:34 pm
You won't automatically be sent to bankruptcy - you could let your IVA fail and then do a DMP.
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.
Bob Marley.
http://kallis3.blogs.iva.co.uk

stuc

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Post by stuc » Thu Sep 24, 2020 5:52 pm
Wed Sep 23, 2020 9:26 amFoggy wrote:
The chances of the mortgage lender removing her from the mortgage are slim to nil. as would be remortgaging at the moment.
Your IP would need to be kept in the loop as your I&E will change and you are on a relatively low payment at the moment, so the IVA might not actually be viable.
Maybe a quick chat with a mortgage broker, experienced in adverse credit, would help. We have two who post regularly on here; Ryan and Shaun. They can be contacted through the details on their profile pages:

Ryan: memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837
I have looked at a full and final offer but unsure what would be best for me

I have tried to contact Ryan to see if he can advise

Thank you
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