Mortgage whilst i'm in IVA??

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Post by trazy » Sun Feb 25, 2018 3:14 pm
I entered an IVA in December 2017 (yes only a couple of months ago)

Since them life has changed quite dramatically - first I got a new full time job, previous job was part time and paid less hourly so i'm now earning about £500 a month more than before.

I contacted stepChange and we completed a new I&E as other things such as fuel use and childcare have also changed quite a bit - my payment stayed the same after this.

We are currently renting (paying £825 a month!) The IVA is only in my name, and now (this morning!) my partners parents have offered to give him £30,000 as a deposit for a house.
They don't know about the IVA...

After having a quick look in the area we would be looking to buy a house at around the £180-200k mark.
Or we could consider first time buyer deals / shared ownership etc ( I'm just throwing it all out there as i've not exactly been looking into this until they called this morning!!)

I think I already know the answer but is there any chance we would be able to get a mortgage??
Would my partner be able to get one without me?

If they give the money to my partner - would we have to pay some of it into IVA - even though it's for him not me??

As rent prices are so high in our area - the chances are our mortgage payment would be less than what we pay in rent at the moment (therefore I would be able to pay more into the IVA ...)

I will be calling stepChange to discuss as soon as they open in the morning, but any advice in the mean time would be very gratefully received!!


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Post by Foggy » Sun Feb 25, 2018 3:40 pm
I am afraid the chances of you getting a mortgage for the next 6 years are pretty much zero. If your partner can earn the income to support a mortgage on his own, yes, he can take one out and he can accept the gifted deposit. As a couple buying a house solely in the name of one of you, you would probably have to sign an agreement with the mortgage lender that you will have and will not seek any beneficial interest in the property -- this, in effect, should also ensure it was not drawn into your 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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